California Budget Deficit | featured news

S&P issues warning on California finances

The ratings agency Standard & Poor's warned on Tuesday that it could downgrade California's financial outlook if lawmakers don't pass a credible budget plan this year.


Brown, Democrats reach budget deal without taxes

Republicans decry the plan, which relies on a revenue windfall that, if it fails to pan out, will trigger big cuts. Abandoning negotiations with Republican lawmakers, Gov. Jerry Brown struck a deal with Democrats for a budget that assumes billions of dollars in fresh revenue — but could lead to major service cuts if the money doesn't materialize.


California has $2 billion in unexpected tax revenue

Tax income has been outpacing forecasts — good news as Sacramento struggles with a $15-billion budget deficit. GOP leaders are already using it as fodder against Gov. Brown's proposed tax increases.


Jerry Brown plans to take his case for taxes to voters

Jerry Brown plans to take his case for taxes to voters

Gov. Jerry Brown plans to hit the road next week, taking his case for more taxes directly to voters following the collapse of budget negotiations in Sacramento this week.


Governor's veto ax falls heavily on welfare, child care and special education programs

Schwarzenegger vetoes nearly $1 billion for social programs before signing the budget bill lawmakers had passed about eight hours earlier. Advocates for the poor say the cuts are too deep.Gov.


Budget deal would close California's deficit but makes rosy projections

The agreement that lawmakers are scheduled to vote on Thursday would close the $19.1-billion shortfall by trimming salaries, public school funding and services.


California leaders reach final budget agreement

California leaders reach final budget agreement

A top California lawmaker said on Friday the state's leaders had reached a final agreement on closing a $19.1 billion deficit to balance the state budget, ending a record stalemate over a spending plan.


Calif breaking record on longest budget impasse

Calif breaking record on longest budget impasse

Gov. Arnold Schwarzenegger and state lawmakers ended talks Thursday night without reaching a deal on how to close California's $19 billion deficit, breaking a state record for the longest budget impasse.


Schwarzenegger orders worker furloughs

Schwarzenegger orders worker furloughs

Gov. Arnold Schwarzenegger is bringing back furloughs for thousands of state workers until California passes a budget.

Senh: I don't think Jerry Brown would have a problem balancing the budget. When he was governor of California, we had a huge surplus. Let's see if he can work his magic again if he gets elected.


Judge rejects Schwarzenegger minimum wage request

A judge on Friday declined to force the state controller to comply with an order by Gov. Arnold Schwarzenegger to pay state workers minimum wage while the state remains without a budget.

Senh: This is getting ugly. California lawmakers couldn't balance the budget, so they make state workers pay? I would rather have these guys not get paid until the budget's balanced. It's their goddamn job.


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