-
Schwarzenegger Reaches California Budget Deal
SACRAMENTO, California (Reuters) - California Governor Arnold Schwarzenegger and top lawmakers agreed on Monday to close a $26.3 billion deficit in the state's budget in a deal that includes $15.5 billion in spending cuts, they said.
The government of the most populous U.S. state, also the world's eighth-largest economy, began its fiscal year on July 1 facing the massive shortfall due to a plunge in revenues caused by the recession and rising unemployment.
Schwarzenegger, a Republican, said during a news conference the budget would be balanced through deep spending cuts and borrowing and shifting of state funds but without raising taxes.
Have Bees Become Canaries In the Coal Mine? Why Massive Bee Dieoffs May Be a Warning About Our Own Health
Occupy vs. Monsanto: Activists, Farmers Fight the Corporation They Fear Will Take Over All America's Crops
5 Right-Wing Governors Gutting Schools to Fund Prisons, Tax Breaks for the Rich...And a Bible Theme Park
Why Going 'Back To Normal' Is No Longer An Option for the American Economy -- And Where We're Headed Now
PROGRESSIVE WIRE
