Tag California budget crisis

California reaches stop-gap budget agreement

Basically, they’ve solved nothing and just drop-kicked the problems into the future. State employees will now have three “furlough days” which works out to a 15% pay rate. The state will also take money from local governments, promising to pay…

California tragicomedy continues

The California budget train wreck continues with yet more days of frenzied inaction. Just don’t go trading those IOUs unless you’re registered to trade securities, says the Feds. Plus, three major banks stopped taking the IOUs yesterday and state workers,…

Schwarzenegger: What, I need a backup plan?

Today is the day the revised budget must pass the California legislature else disaster looms. Yet again. If California’s political leaders fail to balance the state’s budget by midnight Tuesday they may need to trim about $3 billion more. That’s…

California continues on its Highway to Hell

California Assembly Democrats have passed a budget package but the Governator says he’ll veto it because it raises taxes. So, how does he proposes closing the gap then? With more budget cuts? Respected LA Times columnist George Skelton says that…