InfoAnda - Talks intensify over closing Calif.'s $26B deficit

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Japan protests to Beijing over chasing in East China Sea | 5 May 2010
France says Africa must be on U.N. Security Council | | 31 May 2010
Israel's Barak threatened over West Bank plans | 7 January 2010

Jeff Bridges, Christoph Waltz cruising to Oscars | | 17 February 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Talks intensify over closing Calif.'s $26B deficit

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Talks intensify over closing Calif.'s $26B deficit By JUDY LIN,Associated Press Writer AP - 2 hours 21 minutes ago SACRAMENTO, Calif. - Against a backdrop of IOUs and expanding government furloughs, Gov. Arnold Schwarzenegger and legislative leaders expressed optimism Saturday that they were moving toward a compromise that could end California's fiscal calamity. ADVERTISEMENT Negotiations to close the state's $26.3 billion deficit restarted after two weeks of inaction and partisan bickering. Top lawmakers from both parties said a budget-balancing deal was possible in the coming week. "I would say we're getting very close to a general framework, but there are still outlying questions," said Assembly Minority Leader Sam Blakeslee, a San Luis Obispo Republican, after emerging from a closed-door meeting between lawmakers and Schwarzenegger. They negotiated about 2 1/2 hours Saturday before ending talks for the day. They were expected to return to the Capitol on Sunday. Negotiations centered on the extent of budget cuts _ which are expected to range from $14 billion to $15 billion _ and what other steps might be taken to close the deficit. The shortfall, which is the difference between the amount of tax money coming into the state and its previously approved spending obligations, amounts to more than a quarter of California's general fund, its main account for paying operating expenses. Schwarzenegger and Republican lawmakers also want reforms to welfare, pension, health care and in-home supportive service programs. They say preventing waste and abuse will save the state money, which in turn can be used to prevent cuts elsewhere in the budget. The governor's office has estimated its reform proposals will save $1.7 billion this fiscal year alone. Democrats have criticized the reform proposals as peripheral issues that do not have a direct effect on the immediate budget deficit. They also say Schwarzenegger has overstated the savings. "There's a general appreciation that many of these reforms will produce savings, but we want to make sure we approach them in a thoughtful manner," Blakeslee said. Despite the differences, both Democratic leaders appeared upbeat as they left Schwarzenegger's office after a second round of talks that began Friday night. Assembly Speaker Karen Bass, who walked out of negotiations earlier in the week, said there did not appear to be any insurmountable obstacles to reaching a deal. She described the talks as complicated. "I think what has happened over the last 48 hours has been the most productive in the last several weeks," the Los Angeles Democrat said. "We are just not finished." Senate leader Darrell Steinberg, a Democrat from Sacramento, also attended the talks. Besides the welfare and social service reforms, education funding is one of the key negotiating points. Lawmakers are trying to decide whether it can be cut and, if so, by how much. Funding for K-12 schools and community colleges accounts for roughly half of annual state spending. The possibility of a breakthrough in resolving California's mammoth budget shortfall comes a week after the state began issuing IOUs to thousands of vendors. State workers also have begun taking three days off a month without pay, cutting the salaries of more than 200,000 government employees by 14 percent. The state's fiscal picture has become progressively worse since Schwarzenegger and lawmakers passed the budget for the current fiscal year last February during an unusual midyear session. Personal income taxes declined 34 percent during the first five months of the year, a slide that has accelerated as the recession continues to strangle California's economy. On Friday, the state controller's office reported the state had spent $10.4 billion more than it collected in the fiscal year that ended June 30. It is now without sufficient cash to cover all of its payment obligations. If the budget isn't balanced by late August, the state will have to defer payments to its pension funds and may issue IOUs instead of paychecks to state employees. The unprecedented drop in tax revenue is forcing Schwarzenegger and lawmakers to make difficult choices, with deep cuts proposed to education, health and social service programs. At the same time, Schwarzenegger and Republican lawmakers are standing fast against additional tax increases, limiting lawmakers' options for closing the deficit. The two-year budget package approved in February increased sales, personal income and vehicle license taxes, and Republicans say the state's economy cannot absorb additional tax hikes. While the governor and lawmakers try to reach a compromise, some of the state contractors who are being issued IOUs will have to start scrambling to find banks that will cash the warrants. Bank of America Corp. and other major banks said Friday was the last day they would honor the IOUs, which cannot be redeemed until Oct. 2. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: World Peru's leader shakes up his Cabinet amid protestsAP - Sunday, July 12 Isolated US convoys in Afghanistan ambush targetsAFP - Sunday, July 12 Hurricane Carlos strengthens off Mexican coastAP - Sunday, July 12 Talks intensify over closing Calif.'s $26B deficitAP - 2 hours 21 minutes ago 3 Mexican police killed, 18 wounded by drug gangsAFP - Sunday, July 12 Most Popular – World Viewed Pushy French are world's worst tourists: study Miniskirts, cleavage upset male SKoreans: survey Jackson 'best father' ever, daughter tells the world Jackson mother relieved of estate on funeral eve German mother gives birth to identical triplets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Sunday, 12 July 2009
Brown defends Afghan strategy as deaths mount
Bosnia buries, mourns Srebrenica massacre victims | International |
Iraq bombings kill 8 in capital, northern village
Isolated Honduras hunkers down, Zelaya vows action | International |
Iraq car bomb kills four
Police, ultra-Orthodox Jews scuffle in Jerusalem
Italian hostage in Philippines freed after 6 months | International |
Israeli police drag away ultra-Orthodox protesters | International |
'Survivor' winner Hatch seeks confinement reprieve
NASA delays space shuttle launch by a day
Pittsburgh scholarships saving schools, students
Hispanic rights group at center of Sotomayor fight
Judge grants delay in Jackson guardianship case
The Nation's weather
WVa Lottery player still on a roll, wins 9th prize
Texas deputies say couple having sex in drug car
Ex-convicts working to prevent future convicts
Australian concerned for Rio employee China holds
Hong Kong lawmakers approve Disney expansion
China approves $6.3 billion construction IPO
Jackson's dad suspects foul play in death | Entertainment |
Island Records stars pay tribute at Montreux Jazz Festival
Dillinger's Ohio crime spree left out of new movie
Comic Artie Lange charged with DUI in NJ
Isolated US convoys in Afghanistan ambush targets
Clashes kill eight rebels, police officer in Caucasus: report
Bloggers held on hooliganism charges in Azerbaijan: rights group
Obama: Africa aid must be matched by good governance | International |
Worst yet to come: White House economic advisor
Attack ruled out in oil tank fire in Xinjiang | International |
Escada may cease trading: Board
Kurdish murder in Vienna still in mystery 20 years on
Australia warns of risks to delay in China spy case | International |
Iraq bombings kill 10 in capital, northern village
Isolated Honduras hunkers down | International |
Nigeria rebels, government agree amnesty: lawyer | International |
US soldier in Iraq sentenced in comrade's shooting
Pakistan, India meet may lead to dialogue | International |
Israeli police drag away ultra-Orthodox protesters
Italian hostage in Philippines freed after 6 months | International |
Police, ultra-Orthodox Jews scuffle in Jerusalem
Unpopular Japan PM's job on line in Tokyo vote | International |
Peru's Garcia names party insider prime minister | International |
Unpopular Japan PM's job on line in Tokyo vote
Italian hostage in Philippines freed: officials
After violence, western China looks for answers
Pakistan plans trial of Mumbai attackers next week: govt
Record-breaking Aussies pummel England in Ashes
Macau's sole leadership candidate denies link to land deal
Scholar: NKorea wants US show of remorse
Talks intensify over closing Calif.'s $26B deficit
Swiss gov't: legal battle over nuclear case
From a Delhi kebab stand, lessons in Indian life
Body found at NY building where woman went missing
Tribal region poses harsh test for Pakistan army
Obama urges Africans to fight tyranny, corruption
Attack ruled out in oil tank fire in Xinjiang
US military deaths in Iraq war at 4,323
Relatives go to Ill. cemetery looking for answers
Palin says Alaska needs new ethics policy
AP sources: Cheney told CIA not to discuss progam
Fla. officials find van in panhandle slaying
Banderas says financial crisis hurting indie film-makers
Gibson, Foster team up for 'Beaver': report
Summer bonuses plunge record 16.6 percent in Japan
Report: NKorean army suspected over cyberattacks
India will clock high growth despite recession: PM
Austrians say outrageous Bruno is pretty funny
London's Royal Ballet to make Cuba debut
Cash-strapped California quizzes Jackson costs
Australian shot dead at Freeport mine in Indonesia
Banderas says financial crisis hurting indie film-makers
Danny DeVito serves lemon liqueur at festival
Gibson, Foster team up for 'Beaver': report
Austrians say outrageous Bruno ist pretty funny | Entertainment |
Iran threatens legal action over U.S. detentions
Swiss Al-Qaeda hostage freed in Mali
Afghans turn to Taliban in fear of own police | International |
NASA to try to launch space shuttle Endeavour
German exporters say world trade picking up
Israeli PM calls on Abbas to meet
Bombs kill 4 U.S. soldiers in south Afghanistan | International |
Police bulldoze migrant camp in Greek port
EU, Turkey set to sign Nabucco pipeline deal
Swatch expects sales to improve in second half
Palestinians reject any Israel-U.S. settlement deal | International |
Guinea army on alert, says drug dealers plan attack | International |
Fighting kills at least 43 in Somali capital | International |
Sri Lanka president names new military chief
Sotomayor gets nod from police chiefs
Jackson, healthy or not? Depends on who's talking
US says Kyrgyzstan base deal will boost security
AP source: Holder considering torture probe
China's Xinjiang under heavy security as stability urged
Obama believes Merkel 'has already won' election: report
Injured toll from China riots raised to 1,680
Obama urges patience on economic stimulus plan
China-Taiwan forum urges reducing language gap
Japanese protest violence in China's far west
Red Cross worker freed by militants in the Philippines
Iranian-Americans rally in front of White House
CIA praises Philippine efforts to rout terrorists
Special alloy sleeves urged to block hackers?
NASA to try to launch Endeavour on Sunday
Police say ambush kills 5 officers in NW Pakistan
China city tense but calm 1 week after riots
Ericsson to invest $1.5 bln in South Korea
Pakistan to talk with WB, ADB for IMF loan review
Ericsson to invest in R&D centre in South Korea
Australia: Rio detention could hurt China business
Nomura tie-up with India's largest life insurer
Jackson, healthy or not? Depends on who's talking
Paul Ricard, the drinks magnate drunk with art
Obama calls for higher education revamp in US
Freeport: Guard killed near Indonesian mine
Freeport: Security guard killed in Indonesia
Gunmen pre-planned fatal shooting in Papua: police
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01