Thursday, June 11, 2009

California nears financial meltdown as revs tumble | Reuters

California nears financial meltdown as revs tumble | Reuters: "SAN FRANCISCO (Reuters) - California's government risks a financial 'meltdown' within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state's controller said on Wednesday."
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But the state has 50 days left before it goes China Syndrome. That's plenty of time for the state legislature to pass laws on skateboarding, ping pong, backyard barbecues, and preventing paper cuts. That way the Democrats who control the legislature can put off the task of cutting the budget and alienating the interest groups that support them--government employee unions being foremost on that list.

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