California May Run Out of Cash Nex Year

[pioneer]

The governor of California, Arnold Schwarzenegger, has declared a fiscal emergency, amid fears the state could run out of cash by early next year.

He has ordered lawmakers to hold a special session to tackle the $11.2bn (£7.5bn) deficit in California, one of the world's biggest economies.

Across the US, state tax revenues are down because of the economic slump.

State governors have been meeting President-elect Barack Obama to press the case for federal help.

Governor Schwarzenegger on Monday invoked powers allowing him to declare a fiscal emergency as the new state legislature was sworn in.

"Without immediate action, our state is headed for a fiscal disaster," Mr Schwarzenegger said, saying that the current $11.2bn shortfall could swell to "a staggering $28bn" over the next 18 months.

"I compare the situation that we are in right now to finding an accident victim on the side of the road that is bleeding to death," the Republican governor told a news conference in Los Angeles.

"We wouldn't spend hours debating over which ambulance we should use, or which hospital we should use...No, we would first stop the bleeding, and that's exactly the same we have to do here."

He said the state was already drawing up plans to lay off public employees. - BBC News

[glacier_71]

pasuwayon sa gud pod ni sila og magkalisud-lisud...aron makaamgo pog
unsay kapobrihon..

[TOPAC]

magprint ug daghang kwarta oi.. simple.. grrhhhh
wa nay papel sa california? jejeje
ink pud??? tsk tsk tsk

[Moyhua]

wla na pod mo gama og kwarta kay wla na lagi ipa sweldo! tsk.tsk.tsk!

[TOPAC]

lol... polo system na lang ipropose ms. angie..

[Raquelproud boholana]

Asa raman diay ang mga dato sa hollywood hehhehe.Ngano hutdan man silag kwarta nga dagko man ug income ang CA.Mao na ni kay murag welfare state man gud ang California daghan freebie sa illegal immigrant.Mao na hurot ang kwarta kay hatag diri hatag didto man.

[glacier_71]

mas daghang libre diay didto....mamalhin ta.