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California declares fiscal emergency over budget

Source: BDNews24

Los Angeles : CA : USA | 5 months ago

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California Gov. Arnold Schwarzenegger declared a fiscal emergency on Wednesday, forcing lawmakers to tackle a budget gap that has raised the prospect of drastic measures to keep the state working. Lawmakers debated late into the night Tuesday but could not agree on a plan to...

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California ready to issue IOUs

News Source: Los Angeles Times | 5 months ago

A panel of state finance officials this morning set the interest rate for the IOUs at 3.75% for banks and other financial institutions that are willing to accept the scrip. Some banks have already agreed to honor the paper, including Bank of America...
Tax revenue drop fuels states' financial crisis

News Source: Palm Beach Post | 5 months ago

Ohio — Some states are facing their worst fiscal crisis in decades as a prolonged recession collides with historic drops in tax revenue. Several states are entering the first weekend of the fiscal year and July Fourth holiday without a budget in...
Southern California Public Radio: California's in another fiscal ...

News Source: Androscoggin News | 5 months ago

The important thing now is that we address the entire $26 billion deficit...That we don’t try to do $5 billion today and $5 billion next month and so on...I think that the taxpayers deserve that.” The governor’s projecting the $26 billion...
State board sets 3.75 percent interest rate on California IOUs

News Source: The Mercury News | 5 months ago

California will begin to print and send out tens of thousands of IOUs this afternoon to pay its bills, the latest black eye for the state and its broken budget system. A state panel this morning voted to set a 3.75 percent interest rate on the IOUs,...
Calgary Herald: White House expects jobless rate to hit 10% within three ...

News Source: Uinta County News | 5 months ago

The U.S. economy will continue to shed jobs for months to come but there are signs the economic stimulus plan is working, the White House said Thursday. White House spokesman Robert Gibbs, commenting on the unemployment rate rising to 9.5%, said...
Gibbs: 'The stimulus is working' despite job losses

News Source: The Hill | 5 months ago

White House press secretary Robert Gibbs said the president joins the American people in being "impatient for results" as Republicans are howling that Obama's $787 billion stimulus plan has done nothing to halt job loss. "There's a sense that...

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@LATimescitydesk Schwarzenegger to order 3rd furlough day for state workers, call for special session: http://bit.ly/C9FgQ
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@LATimescitydesk Legislators and governor have one more chance to avert IOUs: http://bit.ly/C9FgQ
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