California, Budget Deficit | featured news

Gov. Arnold Schwarzenegger of California called for eliminating California’s welfare-to-work program, one of the deep cuts he proposed to close a $19 billion budget deficit in the coming fiscal year.

Spurred by budget crises, California and Michigan together reduced their prison populations by more than 7,500 last year, contributing to what a new report says is the first nationwide decline in the number of state inmates since 1972.

Facing another huge deficit, the governor wants $8 billion or threatens massive cuts in social services. He also plans to renew push for offshore oil drilling.

California faces a nearly $21 billion budget gap over the next year and a half, extending a fiscal crisis that already has led to steep cuts to public schools, social services and health programs.

Gov. Arnold Schwarzenegger and the state's top legislators who are trying to close out a budget deal have canceled their planned meeting tonight because of an apparent scheduling snafu and will instead aim to meet...

California Governor Arnold Schwarzenegger and lawmakers failed on Wednesday night to agree to balance the state's budget by closing a $26.3 billion deficit, but officials said talks would continue.

President Obama, Governor Schwarzenegger and other esteemed politicos may routinely distance themselves from the potential windfall that would accompany legalizing and taxing cannabis, but amid California's latest and deepest financial crisis the state Board of Equalization has tagged a whopping revenue figure to such a notion.

Bank of America and other big institutions plan to enforce a cutoff, making it harder to cash vouchers. To protect IOU holders from third-party speculators, the SEC defines the vouchers as securities.

California's lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday morning, clearing the way to suspend payments owed to the state's vendors and local agencies, who instead will get "IOU" notes promising payment.

California lawmakers and Gov. Arnold Schwarzenegger duel over ways to cut into a $24.3 billion budget deficit or face having to issue promissory notes to cover the state's bills.