Sitarro
10-04-2008, 12:47 PM
Wow, seems like the states that are the biggest bastions for liberal dimwits and their attempts at ideas, are in trouble......... "will you red states help us?" Don't bother with the Schwarzenegger is a Republican, everyone knows that's bullshit.
http://www.latimes.com/business/la-fi-calif3-2008oct03,0,5726760.story?track=rss
Schwarzenegger to U.S.: State may need $7-billion loan
In a letter obtained by The Times, the governor warns that tight credit has dried up funds California routinely relies on and it may have to seek emergency aid within weeks.
By Marc Lifsher and Evan Halper, Los Angeles Times Staff Writers
October 3, 2008
SACRAMENTO -- California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
The state of California is the biggest of several governments nationwide that are being locked out of the bond market by the global credit crunch. If the state is unable to access the cash, administration officials say, payments to schools and other government entities could quickly be suspended and state employees could be laid off.
http://www.bloomberg.com/apps/news?pid=20601087&sid=axvSq_3xSmYI&refer=home
Oct. 3 (Bloomberg) -- New York Governor David Paterson and legislative leaders agreed at a meeting in New York City today to cut state spending to deal with a $1.2 billion gap in this year's budget as the Wall Street slump spreads through the economy.
Paterson, a Democrat, called the Legislature back into session on Nov. 18 to respond to the deficit, the second time this year lawmakers will return to Albany to address diminishing revenue. As recently as August, the budget was said to be in surplus.
New York, which relies on Wall Street workers and companies for 20 percent of its tax revenue, has been hit by losses and job cuts at banks and securities firms. The state budget office projects tax collections to fall $1.3 billion below what it expected in a July 30 report.
``I don't think we have seen yet how serious the problem is,'' Paterson said. He said he will seek $2 billion of spending cuts in November, not the $1.2 billion shortfall identified by the budget department. If the additional reductions aren't needed this year, they will help shrink next year's shortfall, he said.
Paterson said the deficit for next year will be larger than the $5.4 billion projected in August. ``We can't wait for all the numbers to be there'' before planning spending cuts, he said.
http://www.latimes.com/business/la-fi-calif3-2008oct03,0,5726760.story?track=rss
Schwarzenegger to U.S.: State may need $7-billion loan
In a letter obtained by The Times, the governor warns that tight credit has dried up funds California routinely relies on and it may have to seek emergency aid within weeks.
By Marc Lifsher and Evan Halper, Los Angeles Times Staff Writers
October 3, 2008
SACRAMENTO -- California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
The state of California is the biggest of several governments nationwide that are being locked out of the bond market by the global credit crunch. If the state is unable to access the cash, administration officials say, payments to schools and other government entities could quickly be suspended and state employees could be laid off.
http://www.bloomberg.com/apps/news?pid=20601087&sid=axvSq_3xSmYI&refer=home
Oct. 3 (Bloomberg) -- New York Governor David Paterson and legislative leaders agreed at a meeting in New York City today to cut state spending to deal with a $1.2 billion gap in this year's budget as the Wall Street slump spreads through the economy.
Paterson, a Democrat, called the Legislature back into session on Nov. 18 to respond to the deficit, the second time this year lawmakers will return to Albany to address diminishing revenue. As recently as August, the budget was said to be in surplus.
New York, which relies on Wall Street workers and companies for 20 percent of its tax revenue, has been hit by losses and job cuts at banks and securities firms. The state budget office projects tax collections to fall $1.3 billion below what it expected in a July 30 report.
``I don't think we have seen yet how serious the problem is,'' Paterson said. He said he will seek $2 billion of spending cuts in November, not the $1.2 billion shortfall identified by the budget department. If the additional reductions aren't needed this year, they will help shrink next year's shortfall, he said.
Paterson said the deficit for next year will be larger than the $5.4 billion projected in August. ``We can't wait for all the numbers to be there'' before planning spending cuts, he said.