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Stockton filed for bankruptcy in June of last year after it was unable to trim its chronic budget deficits amid a severe decline in tax revenue because of foreclosures and falling real estate values.
FORBES: Muni Bankruptcies Set Up War Between Pensioners And Bondholders
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Besides saving money for the trust funds and helping to trim the overall budget deficit in the short run, a limit on future increases could also help build up reserves to soften the 21st century's demographic crunch.
CNN: A Debt-Threatened Dream
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Allen has told manager Greg Abbott that he must trim "a couple of hundred thousand pounds" from the playing budget.
BBC: Carlisle chief denies cash crisis
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Johnson will trim promotions to 12 a year from 590, and cut the promotion budget.
FORBES: Simplicity Is The Key To J. C. Penney's Reinvention
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The auction was a first verdict on the new government's just-announced budget plan, which calls for severe spending cuts and tax increases to trim a persistent deficit.
WSJ: Markets Fear End of Stimulus
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Future conflicts, he said, will take on new and unfamiliar forms, and the military must be ready to face them even as budget cuts force the service to curtail training and trim the number of soldiers from a wartime high of about 570, 000 to 490, 000.
WSJ: Hagel: Cadets must stamp out sex assault scourge
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To trim bureaucratic powers, it proposes to hand over the Finance Ministry's budget-drafting responsibilities to a new body, the cabinet office.
CNN: Rise of a New Liberal Bloc
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Polling has indicated most Americans see a mix of tax increases on the wealthy accompanied by some spending cuts as the best way to trim the US budget deficit.
BBC: US debt reduction 'super-committee' takes shape