Posts about California’s Budget Deficit as of October 6, 2009

By Shailagh Murray The Washington Post California Gov. Arnold Schwarzenegger on Tuesday became the most prominent elected Republican to urge Congress to complete work on health-care reform, departing from the widely held GOP view that lawmakers should scrap the current process and start over again.

Lately, it’s become fashionable in Republican circles to argue that the party must move beyond Ronald Reagan if it wants to rebound in the mid-term elections and recapture its congressional majority next year. Reagan represents the past, the argument goes. The GOP needs to stand for the future. I made this same argument myself in the January 2008 edition of The Ripon Forum . “As much as Republicans may hope, and as much as their candidates for President may try, Ronald Reagan cannot be replaced,” I wrote at the time .

TEA PARTY EXPRESS II: Three Weeks Until Launch! 37 Cities – 18 Days – More than 7,000 Miles FOR IMMEDIATE RELEASE: October 5, 2009 CONTACT: Levi Russell at (509) 979-6615 or Levi@FrontLineStrat.com (Sacramento, CA) — The Tea Party Express — which recently completed a historic national tour, now prepares to hit the road again in support of conservative Americans everywhere. www.TeaPartyExpress.org Launching on October 25th, the latest venture is called, “Tea Party Express II: Countdown to Judgment Day” in reference to the one-year mark before the 2010 congressional elections.

Los Angeles, 2009: California may be the eighth largest economy in the world, but its state staff are being paid in IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong ? by Paul Harris Patients without medical insurance wait for treatment in the Forum, a music arena in Inglewood, Los Angeles. The 1,500 free places were filled by 4am. Photograph: John Moore/Getty Images California has a special place in the American psyche.

It’s the stuff of legends – magnificent beaches and mountains, movie stars and Rodeo Drive, exotic cars and perfect tans – and now it’s virtually broke. According to The Guardian , California is on the verge of becoming America’s first failed state: From its politics to its economy to its environment and way of life, California is like a patient on life support. At the start of summer the state government was so deeply in debt that it began to issue IOUs instead of wages.

Iran says profited from non-dlr oil sales increase TEHRAN (Reuters) – Iran has made a huge profit from its policy of increasing its sales of oil for currencies other than the U.S. dollar, Central Bank Governor Mahmoud Bahmani was quoted as saying on Tuesday. The comment came after Britain’s The Independent newspaper quoted unidentified sources as saying Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the U.S. dollar with a basket of currencies in the trading of oil.

By Professors Thomas Jue and Jerold Theis UC Davis California has stamped out the Station Fire but not the crisis that threatens to engulf the University of California (UC) and destroy a premier higher education system. The UC Regents may have closed the $813 million dollar deficit by securing…

The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the “privilege” of building a huge trade deficit.”Important progress in managing imbalances can be made by reducing the reserve currency country?s ‘privilege’ to run external deficits in order to provide international liquidity,” UN undersecretary-general for economic and social affairs, Sha Zukang, said.Speaking at the annual meetings of the International Monetary

by Moe Bedard on October 6, 2009 · 0 commentsin American Nightmare But the state that was once held up as the epitome of the boundless opportunities of America has collapsed. From its politics to its economy to its environment and way of life, California is like a patient on life support. At the start of summer the state government was so deeply in debt that it began to issue IOUs instead of wages. Its unemployment rate has soared to more than 12%, the highest figure in 70 years.

This happened Wednesday last week, from Nasdaq.com : Facing a midnight deadline, the U.S. Senate Wednesday approved an emergency one-month extension of current funding levels for the federal government. The extension is necessary because lawmakers have been unable to complete work on the 12-must pass spending bills required to keep the various arms of the federal government running each year. With the federal government’s fiscal year in its waning hours, all non- essential parts of the government would have been required to shut down at midnight had the extension not been agreed to.

But the state that was once held up as the epitome of the boundless opportunities of America has collapsed. From its politics to its economy to its environment and way of life, California is like a patient on life support. At the start of summer the state government was so deeply in debt that it began to issue IOUs instead of wages. Its unemployment rate has soared to more than 12%, the highest figure in 70 years.

1) (PENNSYLVANIA) Harrisburg should file for bankruptcy? 2) Goldman Sachs Stands To Receive $1 Billion Payment, If CIT Files For Bankruptcy 3) Oil May Pass $100 on ‘Loose’ Policy, Merrill Says “Oil may jump above $100 next year as emerging market demand rises and “loose” monetary policy weakens the U.S.

Failed State by digby This is one of the most sobering article I’ve read about California yet, and I’ve read a lot of sobering articles about California recently: [T]he state that was once held up as the epitome of the boundless opportunities of America has collapsed. From its politics to its economy to its environment and way of life, California is like a patient on life support. At the start of summer the state government was so deeply in debt that it began to issue IOUs instead of wages.

A recent California Supreme Court decision could restore billions in funding for public transportation in the nation’s most populous state. The Court’s ruling late last week upheld a lower court decision declaring the state’s $3.6 billion raid of public transit funds illegal and ordered that the money be returned to local transit providers. Two months ago, Transportation for America released “Stranded at the Station: The Impact of the Financial Crisis in Public Transportation,” illustrating the painful cuts transit systems have sustained at the state and local level.