News You Should Know: Colorado Facing Additional $1B in Budget Cuts

Colorado Lawmakers Must Cut $1 Billion from State’s Current Budget Because of GOP Federal Tax and Spending Bill | The Colorado Sun

The State of Colorado is once again facing the prospect of having to cut about $1 billion from the state budget. Lawmakers had to make a number of spending cuts during the annual budget-setting process, and now they’re looking at additional cuts due to reductions in federal spending. Gov. Jared Polis has called a special legislative session beginning Aug. 21 to tackle the issue.

Federal Reserve Leaves Key Interest Rate Unchanged for Fifth Straight Meeting | Fox Business

The Federal Reserve has again opted to keep interest rates steady for now. Despite pressure from President Trump to lower rates, the central bank said the economy remains on solid footing and therefore changes in its key rate are not necessary at this time. The Fed’s next meeting to discuss interest rates will be in September.

New Rules for How Much You Can Deduct in Charitable Contributions | CNN Business

Taxpayers who take the standard deduction were allowed to deduct a portion of charitable donations from their taxes during a temporary pandemic-era policy that has since expired. That deduction is returning in 2026, with taxpayers being allowed to deduct up to $1,000 ($2,000 for joint filers) in cash donations.

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News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.