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Funding Shortfall

All articles tagged with #funding shortfall

Bipartisan push to raise Social Security payroll cap to shore up funding
business26 days ago

Bipartisan push to raise Social Security payroll cap to shore up funding

Facing a multi-trillion-dollar 75-year shortfall, Social Security is drawing renewed bipartisan interest in raising or eliminating its payroll tax cap for high earners to shore up funding; estimates vary on how much of the gap such a change would cover and what economic trade-offs it would entail, with advocates seeing cap reform as a leverage point and critics warning it could slow growth unless paired with changes to benefits or retirement age.

via CNBC|
#business#funding-shortfall#high-earners
High earners could see caps on Social Security COLAs to shore up solvency
economy1 month ago

High earners could see caps on Social Security COLAs to shore up solvency

A bipartisan CRFB white paper proposes capping annual Social Security cost‑of‑living adjustments for the wealthiest beneficiaries to improve long‑term solvency. If adopted, the cap would anchor around the 75th percentile of benefits, meaning the top quartile (and especially the top 5%) would receive smaller COLAs in coming years, while lower earners continue to get full increases. The change would not fix the program by itself and is just a proposal; funds are projected to run short in the 2030s unless Congress acts, and lawmakers are weighing a range of ideas to close the funding gap.

via Yahoo Finance|
#cap-proposal#cola#crfb
politics3 months ago

Trump-Backed Freedom250 Steps In as America's 250th Celebrations Falter

America’s 250th planning was scaled back after Congress allocated $150 million but organizers received only about $25 million. Freedom250, aligned with Trump’s team, filled the gap by backing the Theodore Roosevelt Presidential Library opening and related events, while the Smithsonian shifted its Folklife Festival to a nationwide approach rather to a single Mall showcase. Despite the funding shortfall, America250 persists with civic programming (Field Trip, America Gives, Time Capsule, National Birthday Cake at the Library of Congress) and a high-profile finale from Freedom250, including a massive fireworks display, under a banner of “no politics, just purpose.”

via Politico|
#america250#freedom250#funding-shortfall
Sound Transit lays out plan to close $34.5B funding gap, reshaping ST3 rail expansion
transportation5 months ago

Sound Transit lays out plan to close $34.5B funding gap, reshaping ST3 rail expansion

Sound Transit unveiled a plan to close a $34.5 billion funding shortfall over the next two decades by categorizing ST3 rail projects into fully funded, partially funded, and deferred groups, delaying ambitious extensions like Ballard and West Seattle while preserving some lines and funding for design work; a May 28 board vote will determine which elements proceed, with lawmakers weighing new financing tools to bridge the gap.

via KOMO|
#ballard-link#funding-shortfall#light-rail
Louisville Bets Big on Revenue Sports to Bridge Budget Gaps
college-sports5 months ago

Louisville Bets Big on Revenue Sports to Bridge Budget Gaps

Louisville’s athletic department is running a deficit despite ACC membership, reporting a 2024–25 loss of about $12.5 million on $154.9 million in revenue and $167.4 million in expenses, with reserves shrinking from $34 million to $3.4 million and lines of credit in use. In response, the university is pouring money into basketball and football—piling up transfer acquisitions that could push payroll to $15–20 million for basketball and roughly $22–25 million for football—while exploring private equity deals and backing a Save College Sports-style plan to stabilize revenue. The push comes as leaders warn systemic changes are needed, even as the program highlights the imperative of winning to sustain the university’s profile and city morale.

via Sports Illustrated|
#brohm-contract#college-athletics-finances#college-sports
UK defence funding under fire as plan stalls and gaps widen
politics5 months ago

UK defence funding under fire as plan stalls and gaps widen

Critics say complacency on defence funding is harming the UK armed forces as ministers stall on a long-delayed 10-year investment plan amid a £28bn funding shortfall; the Strategic Defence Review highlighted gaps, the army is depleted, and NATO spending targets show Britain lagging behind allies, with Labour pledging to lift spending to 2.5% of GDP next year and toward 3.5% by 2035 amid growing security threats from Russia, Iran, and China.

via BBC|
#defence-spending#funding-shortfall#nato
Florida Cuts HIV Drug Aid, Endangering Access for Thousands
politics8 months ago

Florida Cuts HIV Drug Aid, Endangering Access for Thousands

Florida’s Department of Health is trimming the AIDS Drug Assistance Program to avert a projected $120 million funding shortfall after Congress did not extend ACA tax credits, potentially depriving about 10,000 low‑income Floridians living with HIV/AIDS of affordable medications starting March 1, with eligibility narrowed to the poorest residents.

via Tampa Bay Times|
#aca-tax-credits#aids-drug-assistance-program#florida-politics
Documentary Filmmakers Struggle with Federal Funding Shortage
media-and-culture1 year ago

Documentary Filmmakers Struggle with Federal Funding Shortage

The documentary filmmaking community faces significant challenges due to federal funding cuts, including the rescinding of the CPB's budget, leading to budget reductions at PBS and other organizations. Despite these setbacks, filmmakers and media organizations are exploring alternative funding sources and digital platforms to continue producing and distributing documentaries, emphasizing resilience and innovation in the face of financial adversity.

via NPR|
#documentaries#funding-shortfall#independent-film
Social Security Funds May Deplete by 2034 Without Congressional Action
world1 year ago

Social Security Funds May Deplete by 2034 Without Congressional Action

Social Security faces a significant funding shortfall that could lead to a 23% reduction in benefits within eight years if Congress does not take action to bolster the program, which is projected to run out of funds by 2033. The shortfall is driven by demographic shifts, lower birthrates, and policy changes, with policymakers urged to implement phased reforms to ensure long-term sustainability.

via The New York Times|
#benefit-cuts#funding-shortfall#policy-proposals
Casey Hudson's Studio Closes Amid Sci-Fi Game Development
gaming1 year ago

Casey Hudson's Studio Closes Amid Sci-Fi Game Development

Humanoid Origin, the game studio founded by Mass Effect trilogy director Casey Hudson, is shutting down due to an unexpected funding shortfall. The studio, which was working on a multiplatform AAA game set in a new science-fiction universe, announced the closure in a LinkedIn post, expressing disappointment over not being able to complete their project and emphasizing their commitment to supporting their team during the transition to new employment.

via Gematsu|
#casey-hudson#funding-shortfall#gaming
"Funding Shortfall Leaves High-Tech Fentanyl Scanners Unused at US Border"
border-security2 years ago

"Funding Shortfall Leaves High-Tech Fentanyl Scanners Unused at US Border"

Despite investing in advanced Non-Intrusive Inspection (NII) technology to detect fentanyl at the US-Mexico border, Customs and Border Protection (CBP) is unable to utilize many of these high-tech scanners due to a lack of funding for installation. This impasse reflects the broader challenges in prioritizing national security and public health initiatives, as the opioid crisis continues to escalate. The standoff over funding not only hampers CBP's ability to curb fentanyl smuggling but also underscores the need for a comprehensive strategy and bipartisan support to confront the crisis.

via BNN Breaking|
#border-security#cbp#fentanyl
The Promising Impact of the R21/Matrix-M Malaria Vaccine
health3 years ago

The Promising Impact of the R21/Matrix-M Malaria Vaccine

Scientists have developed two malaria vaccines after decades of research, with the World Health Organization (WHO) recommending the use of RTS,S two years ago and now backing the R21 vaccine. While the R21 vaccine is easier and cheaper to produce, it requires four doses for protection. Malaria cases have been on the rise due to various factors, including disruptions caused by the pandemic, insecticide and drug resistance, and a funding shortfall. The new vaccine is not a standalone solution but should be used alongside other measures. Ongoing research is focused on developing better vaccines and interventions, including mRNA malaria vaccines. The recent Nobel Prize awarded to Katalin Karikó and Drew Weissman for their mRNA vaccine work highlights the potential of this technology.

via The Guardian|
#funding-shortfall#health#malaria-eradication
"Urgent: Cutting Food Aid for Women and Children Amidst Crisis"
social-issues3 years ago

"Urgent: Cutting Food Aid for Women and Children Amidst Crisis"

The Special Supplemental Nutrition Program for Women, Infants and Children (WIC) is facing a significant funding shortfall that could prevent it from providing assistance to its rapidly expanding caseload. WIC serves approximately 6.7 million women and young children, and evidence shows that it lowers the risk of infant mortality, improves brain development in children, and reduces obesity rates. Despite its success, pending appropriations bills propose draconian cuts to WIC, which would leave hundreds of thousands of people without access to the program. Advocates urge Congress to act immediately and ensure WIC has the resources it needs to support all current and prospective participants.

via The Hill|
#congress#food-aid#funding-shortfall
Unveiling the True Cause of the Social Security Funding Crisis
social-security-funding3 years ago

Unveiling the True Cause of the Social Security Funding Crisis

The chief actuary of the Social Security Administration, Stephen Goss, has identified rising income inequality as the primary cause of the program's funding shortfall. While factors such as declining birthrates and increased life expectancy have contributed, Goss argues that the significant change in income distribution between 1983 and 2000, with fast growth at the top and slow growth elsewhere, has disrupted Social Security's finances. The majority of income growth during that period occurred above the taxable maximum, reducing payroll tax receipts. To address the funding gap after 2034, Goss suggests either cutting benefits by a fourth, raising revenues by a third, or a combination of both. Proposed solutions include raising the maximum earnings subject to the payroll tax or eliminating the cap altogether.

via MarketWatch|
#benefits#funding-shortfall#income-inequality