California declares fiscal emergency.

Posted on | jueves, 29 de julio de 2010 | No Comments

California Governor Arnold Schwarzenegger declared a state of fiscal emergency yesterday, as California faces a $19B shortfall in a budget that is already more than a month overdue. Schwarzenegger ordered state employees to take three unpaid days off a month, starting in August, in order to preserve cash for paying the state's debt and for essential services; the decision will affect tens of thousands of state employees. Any additional delay in the budget threatens California's already-weak credit rating, but analysts expect it will be weeks before lawmakers reach an agreement.

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