US Action News

FBN’s David Asman on the growing number of states taking on public-sector unions in an effort to reduce spending.

Unions claim ‘we can’t afford’ not paying out money we don’t have. Democrat lawmakers fled the state in Wisconsin to avoid a vote on tough budget decisions. Wisconsin faces a $3.9 billion budget deficit.

[S]tate and local government officials have become addicted to federal taxpayer money. This addiction has encouraged irresponsibility and profligacy at all levels of government.

FBN’s Stuart Varney on Gov. Scott Walker, (R-Wis.), taking on the unions in an effort to reduce the state’s spending.

Sarah Palin discusses state deficits with Eric Bolling on Follow the Money. Palin encourages Teaparty conservatives to get involved in state and local politics. ‘The system is broken’.

Florida is not alone in contemplating large spending cuts to offset revenues only slowly recovering from recession and the winding down of $150 billion of federal assistance to states from 2009?s economic stimulus program.

Fears that municipal bonds could spark a renewed financial crisis have been growing as the gargantuan size of many US states’ budget deficits has begun to weigh on the market.

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co. in Newport Beach, California, said Illinois was one of the states whose debt he would avoid. “Illinois is probably in the worst shape,”