Word: budgeting
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...expecting schools to potentially take a $10 billion hit this year. Last month the CTA filed its own initiative for a 1? sales-tax increase earmarked solely for public schools and colleges. But Sanchez - like others in the state - says he will not know precisely how to budget for this upcoming year until a legislative solution is passed. "The unknown," he says, "is very scary...
...would help to have a budget, but state legislators have been at an impasse for weeks, haggling over various proposals - and weighing their political consequences. On New Year's Eve, the administration of Governor Arnold Schwarzenegger proposed a new budget plan that includes painfully deep spending cuts and $14 billion in tax increases. Although the proposal is not likely to be the one that finally passes, there is no doubt that few Californians will be untouched by the fiscal crisis. In December, unable to wait for a budget solution any longer, the state pre-emptively canceled $3.8 billion...
Even drowning one's sorrows may be difficult here in "fiscal Armageddon," as Governor Schwarzenegger has referred to the budget crisis; one of his solutions is a sizable tax on booze. "At a time we should be investing for our unmet needs and stimulating the economy, we're going in the other direction," says California state treasurer Bill Lockyer, a Democrat. "Every day, we go deeper in the hole...
...course, the deficit is growing larger each day that legislators struggle to come up with a solution. California is one of only a handful of states to require a two-thirds-majority vote in the legislature to pass a state budget. The Democrats dominate both the senate, 24 to 15, and the assembly, 51 to 29. (There is one vacancy in the senate.) With such deep cuts on the line, Republicans and Democrats have squared off, arguing whether raising taxes or reducing welfare programs is the best way to go. In December the Democrats engineered a plan that could bypass...
...Obama admitted as much in a major speech on Thursday, making the case for Congress to act quickly on his plan, dubbed the American Recovery and Reinvestment Plan. "There is no doubt that the cost of this plan will be considerable," he said. "It will certainly add to the budget deficit in the short term. But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes and confidence in our economy." (Read Obama's full remarks...