Economy
Speaker boycotts California budget session
Sacramento -- Prospects for a resolution of the state's financial crisis darkened further Monday, with a top lawmaker saying negotiations were "getting worse," as the state's credit rating dropped to its lowest level in years.
US should plan 2nd fiscal stimulus -govt adviser
The United States should be planning for a possible second round of fiscal stimulus to further prop up the economy after the $787 billion rescue package launched in February, an adviser to President Barack Obama said.
Biden: Obama misread depth of the recession
Vice President Biden acknowledged yesterday that the administration underestimated the depth of the economic recession months ago as it prepared a recovery package that is only now beginning to take effect.
California Fails to Solve Budget Gap at Meeting as IOUs Issued
California’s politicians couldn’t resolve their differences last night over how to close a $26 billion budget deficit that forced the most-populous U.S. state to pay some bills with IOUs as the recession batters its tax collections.
Bankruptcy Judge Approves GM Sale
General Motors won permission late Sunday night from a federal bankruptcy judge to sell its assets to a new government-backed company, setting the stage for the largest U.S. carmaker to complete a historic restructuring plan that is at the heart o...
Schwarzenegger: Budget Crisis No Threat to California Businesses
The state budget crisis does not play into the hands of rival states trying to lure new business away from California, Governor Arnold Schwarzenegger said Friday.
Italy G8 won't write new finance rules -Berlusconi
Italian Prime Minister Silvio Berlusconi played down on Friday any prospect of the G8 meeting in Italy next week agreeing new rules for global finance, saying the summit will be just "one step" in a long process.
Obama takes heat over job losses
WASHINGTON - President Obama preached patience with the economy Thursday as Republicans hammered him over another dismal unemployment report out Thursday.
As deficit grows, California prepares to issue IOUs
California's controller will start paying many of the state's bills with IOUs as soon as Thursday after lawmakers failed to close the state's worsening budget deficit, adding a new measure of indignity to a state sinking deeper into dysfunction.
Californian legislators and governor have one more chance to avert IOUs
Sacramento -- State lawmakers and Gov. Arnold Schwarzenegger, facing a budget deficit of more than $24 billion, prepared to go back to work this morning with one last chance to avert the issuance of IOUs after a late-night session ended in gridlock.
California lawmakers face deadline to avoid IOUs
A midnight deadline loomed Tuesday as California lawmakers and Gov. Arnold Schwarzenegger dueled over ways to cut into a $24.3 billion budget deficit or face having to issue IOUs to cover the state's bills.
Obama says he'll get prime initiatives into law
President Barack Obama dismissed critics of his ambitious agenda as naysayers on Monday and vowed to have health care, energy and financial regulation initiatives in place by the end of the year.
Germany's Merkel: Economy To Probably Hit Rock Bottom Soon
The economy will probably hit rock bottom soon, German Chancellor Angela Merkel said Monday. "We might reach the bottom of the crisis soon, but the international crisis won't be over with this," she said at a meeting of the Christian Democratic Un...
California plans more furloughs due to budget
Thousands of Californians will be hurt and it will cost millions if the state is forced to hand out IOUs instead of payments next week, the state controller said Friday. The IOUs could come as soon as next Thursday, yet lawmakers remained no close...
Pennsylvania Governor Rendell Announces Latest Round of Cuts, Reduces Proposed Budget by Another $500 Million
Governor Edward G. Rendell today released a list of cuts totaling $500 million to his proposed 2009-10 fiscal year budget. Combined with more than $500 million in spending eliminated during the current fiscal year, plus other reductions that he pr...
California Assembly approves budget package, but Schwarzenegger says he'll veto it
Sacramento -- The state Assembly on Thursday approved $5 billion in budget revisions intended to keep California from having to issue IOUs next week, but Gov. Arnold Schwarzenegger quickly declared the package inadequate and vowed to veto it.
US lawmakers pass Pentagon budget, ignore veto threat
Defying a possible presidential veto, the US House of Representatives on Thursday approved a 2010 defense spending bill that would continue to fund a weapons program targeted by the Obama administration.
Japan's inflation in record drop
Prices in Japan fell by the most on record last month, raising fears of a new bout of deflation, official figures from the Ministry of Finance show.
California lawmakers fail on first try to close deficit
SACRAMENTO, Calif. (AP) — A Democratic plan to begin closing California's $24 billion budget deficit failed Wednesday, as legislative leaders planned to work through the weekend to avoid a cash crisis when the new fiscal year starts next week.
LA schools budget will cut $1.6B over 3 years
LOS ANGELES—The Los Angeles Unified School Board approved a budget Tuesday that could cut nearly $1.6 billion over the next three years.