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’Arnie goes all Terminator on California budget-crisis
Da da duh da doo… da da duh da doo…
“The stakes have never been higher”
Da da duh da doo… da da duh da doo…
“Californians are worried about their childrens’ future”
Da da duh da doo…
Fitch cuts California’s bond rating close to junk
Fitch slashed its rating on California’s general obligations bonds to triple B – two notches above junk – on Monday, after the state was forced to issue IOUs for certain payments while it frantically tries to agree a budget,
Arnie’s IOUs will pay 3.75 per cent
Bloomberg reports:
July 2 (Bloomberg) — California will pay an interest rate of 3.75 percent on IOUs it will begin using today to pay its bills, a panel decided, as Governor Arnold Schwarzenegger and lawmakers remain deadlocked over how to fix a $26 billion budget deficit.
Arnold Schwarzenegger declares “fiscal emergency” in California
California’s governer declared a state of “fiscal emergency” after lawmakers failed to agree on a budget plan by the deadline on Wednesday, Reuters reported.
From Reuters:
California’s lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday,
I.O. Economic Girlie Men
A rather flippant title perhaps for a post highlighting the impending bankruptcy of the government of California (the economy over which said state presides being the eighth largest in the world). But then again,
California: “Insolvent within weeks”
Sovereign defaults are very much in the news, what with S&P downgrades, rating watches, negative outlooks et cetera on a number of European countries.
Add to those the world’s eighth largest economy,
Hasta la vista, baby
Forget Iceland. The government of the world’s ninth largest economy is having serious funding difficulties.
Obtained by the LA Times, the below is a letter from Arnold Schwarzenegger, the governor of California,