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Budget Crisis

How Big Banks' Greek-Style Schemes Are Bankrupting States Across the U.S.

Mike Elk | Posted 05.25.2011 | Business
Mike Elk

In a desperate effort to meet budget needs, states and local governments over the last decade have gone to the big banks to ask for exotic instruments known as interest rate swaps.

The Bomb in Obama's Budget

Harry Moroz | Posted 05.25.2011 | Business
Harry Moroz

Obama has stated that job creation and economic recovery are his administration's short-term priorities. His 2011 budget, however, fails to offset lost growth potential, higher unemployment, and service cuts at the local level.

The Budget Challenge

Antonio Villaraigosa | Posted 05.25.2011 | Los Angeles
Antonio Villaraigosa

Around Los Angeles, families are being forced to make hard decisions about their personal budgets. At City Hall, the situation is no different.

On the Budget, The Time to Act is Now

Antonio Villaraigosa | Posted 05.25.2011 | Los Angeles
Antonio Villaraigosa

The time to act is now and we must move immediately to balance this year's budget. We can no longer "Just Say No" to public-private partnerships or privatizing our parking garages, convention center or zoo.

Tough Choices to Secure Our Economic Future

Antonio Villaraigosa | Posted 05.25.2011 | Los Angeles
Antonio Villaraigosa

I am directing the elimination of 1,000 filled, full-time position authorities and instructing the Personnel Dept. to immediately begin calculating layoff, displacement seniority and/or transfers of employees filling these positions.

Cash In: Millions In California IOU's Set To Expire

AP | JESSE McKINLEY | Posted 05.25.2011 | Los Angeles

SACRAMENTO, Calif. — California officials are at a loss to explain why $50 million worth of IOUs issued during last year's fiscal crisis have no...

California Recycling Program Is On The Rocks

Sacramento Bee | Jim Sanders | Posted 05.25.2011 | Los Angeles

For years California has courted a reputation as an eco-friendly, green-minded leader, but the state now finds its most basic program of recycling bev...

Paterson Talks Saturday Night Live, Obama Administration

NY1 | Posted 05.25.2011 | New York

In an exclusive interview Monday on NY1, Governor David Paterson reaffirmed that he is running in the gubernatorial election next year and addressed t...

Bloomberg Backs Paterson On Budget | Posted 05.25.2011 | New York

Bloomberg, who has emerged as one of Paterson's chief defenders in the budget battle, urged lawmakers to "cut the guy a break" and to end "this crazin...

Paterson: We | DANNY HAKIM | Posted 05.25.2011 | New York

Gov. David A. Paterson took the rare step on Monday of addressing a joint session of the Legislature during its traditional off-season and used the sp...

Lame Duck Terminator

Joseph A. Palermo | Posted 05.25.2011 | Los Angeles
Joseph A. Palermo

Schwarzenegger and his merry band of right-wing Republicans, who control a third of the state legislature, are intent on squeezing the last drops of blood from California's public institutions.

New York Legislature Fails To Solve Budget Crisis

AP | MICHAEL GORMLEY | Posted 05.25.2011 | New York

ALBANY, N.Y. — New York lawmakers headed home Thursday without agreement on how to address the state's fiscal crisis. The Legislature was in se...

State Lawmakers Back In Albany To Deal With Deficit

Capital News 9 | Posted 05.25.2011 | New York

State leaders are expected to be back in town Monday to continue efforts to reach an agreement on a deficit reduction plan....

Budget Votes Prove Unsuccessful Throughout Colorado

The Denver Post | Jessica Fender | Posted 05.25.2011 | Denver

The Mapleton Expeditionary School of the Arts will continue to operate in aging, asbestos-filled buildings. Aurora will close four of its seven librar...

Belmon Stakes Over? Triple Crown In Jeopardy Due To Budget Mess

Posted 05.25.2011 | New York

Forget about not getting out of the gate -- the horses may not even get to the gate at this year's Belmont Stakes race. Due to the ongoing budget cri...

New New York License Plates Will Go Forward, Fee Or No Fee

The Ithaca Journal | Posted 05.25.2011 | New York

While state leaders say they will work to repeal a new fee on license-plate purchases, there are no immediate plans to drop the production of new plat...

Arizona Budget Crisis: Legislators Lock Out Governor; Governor Torpedoes Budget

Dawn Teo | Posted 05.25.2011 | Politics
Dawn Teo

Senate Republicans turned off, then removed the digital wall clock from the Senate chambers and continued wrangling over the budget as if July 1 (and the new fiscal year) had never arrived.

States Resorting To Extreme Measures In Budget Crisis

The New York Times | Posted 05.25.2011 | Politics

In Hawaii, state employees are bracing for furloughs of three days a month over the next two years, the equivalent of a 14 percent pay cut. In Idaho, ...

California College: Up in Smoke?

Shira Tarrant | Posted 05.25.2011 | Politics
Shira Tarrant

CSU faculty have two choices: accept furlough or face layoffs. The first option is bad; the second is worse. This is not only a labor issue for CSU faculty. This is an issue about the health of the nation.

California Democrats: "Spreading the Pain" from Sacramento

Joseph A. Palermo | Posted 05.25.2011 | Politics
Joseph A. Palermo

When his term mercifully expires next year, California Governor Arnold Schwarzenegger will be leaving the Golden State in the worst condition than at any time its history.

Breaking News: Budget Crisis Solved

Tom Gerdy | Posted 05.25.2011 | Media
Tom Gerdy

I am proposing a tax on the self proclaimed political pundits. Skewed and twisted "news" reporting has taken over our airwaves.

California's Death Throes: A View From Sacramento

Joseph A. Palermo | Posted 05.25.2011 | Politics
Joseph A. Palermo

A grassroots movement working within Democratic Party structures might break the cycle of abuse the Republican minority has inflicted upon the state.

The Real Grand Bargain

Robert L. Borosage | Posted 05.25.2011 | Politics
Robert L. Borosage

A long term discussion of America's finances could help Americans look beyond the crisis, defining where we need to go and how, in the long term, we'll pay for it.

Fixing Budget Would Require Joint Political Suicide | Lori Montgomery | Posted 05.25.2011 | Home

It's the holy grail of Washington politics: a federal budget that generates ample funds through a simpler and fairer tax code, defuses the spending ti...