Other Spending

November 17 - The International Herald Tribune reports that many states are facing the serious prospect of major budgetary shortfalls due to the economic downturn. Because many states are required by law to balance their budgets, some will be forced to either raise taxes or significantly cut spending to make up the difference.  California, providing one of the most dramatic examples, has a $15 billion gap between estimated revenues and expenditures.  In sum, all but approximately twelve states-mostly those with rich oil and mineral resources--will likely have difficulty balancing their budget for 2009. Already, over the past few weeks, several cities and

November 14 - Troubled mortgage firm Freddie Mac disclosed today that it lost $25 billion from July through September, and now has assets exceeding its liabilities.  Freddie Mac has asked for the government to provide $14 billion of the $100 billion which was authorized for the federal conservatorship of Freddie Mac and Fannie Mae.  On Monday, Fannie Mae announced that it had lost $29 billion in the third quarter, and may also have to tap part of its $100 billion rescue fund.

October 31 - To help voters better understand the fiscal implications of the candidates' campaign proposals, CRFB released four reports this week:

• Guide to Social Security: The 2008 Presidential Election
• Guide to Stimulus Proposals: The 2008 Presidential Election
• Guide to Health Care: The 2008 Presidential Election
• Guide to Tax Policy: The 2008 Presidential Election

In addition, CRFB released a special health care update to its voter guide: "Promises, Promises: A Fiscal Voter Guide to the 2008 Election".