CALIFORNIA Debt News, Jan 17, 2011

View Larger Map

Governor Brown's Budget Slashes State Spending by $12.5 Billion Bakersfield News He said the proposed spending plan, which puts $1 billion into a “rainy day” reserve fund, closes California's budget deficit “now and into the future. ... See all stories on this topic »

Year ahead looms as toughest yet for state budgets Savannah Morning News In releasing his budget proposal, Brown told California lawmakers "the year ahead will demand courage and sacrifice" as the state faces a deficit projected ... See all stories on this topic »

No local government bailouts; Wasteful states, cities should pay for their own ... FireEngineering.com In California, pay and benefits for public employees account for about 80 percent of government spending. San Francisco alone spends $400 million annually ... See all stories on this topic »

A V Rajwade: First-world debt crisis? Sify The Republicans won the mid-term election with a hawkish stance on the budget deficit. The first thing they did on winning was to get a two-year ... See all stories on this topic »

NY has plenty of fiscal company Elmira Star-Gazette In releasing his budget proposal, Brown told California lawmakers "the year ahead will demand courage and sacrifice" as the state faces a deficit projected ... See all stories on this topic » » Go Bankrupt, California, Please - Big Government By Adam Sparks Here's the problem, notwithstanding a current state budget deficit of 25 billion dollars, the state has 700 billion dollars in unfunded pension liabilities. This is ticking time bomb. No matter how much we cut and balance today's budget, ...... I can not believe California does not know how to get out of debt,….. it is sooooooo easy. Here in Illinois, our Dem. controlled government, in just two short days,…… in a lame duck session, came up with a solution to all of our ... Big Government - http://biggovernment.com/ Bill Boyarsky: The Cuts Are Coming - Bill Boyarsky's Columns ... By editor@truthdig.com In California, the Republicans in the Legislature won't even support Gov. Jerry Brown's proposal for legislation that would submit to a popular vote a tax increase to help eliminate a $28 billion budget deficit. Although Democrats control the Legislature, .... Shifting private debt to the public sector ( thereby freeing corporations, esp the financial industry, but also financial arms of GM, GE, etc, and saddling the middle class with the obligation to 'pay it off'). ... Truthdig: Drilling Beneath the Headlines - http://www.truthdig.com/ Cash-strapped states may face most challenging year yet | NOLA.com By The Associated Press In releasing his budget proposal, Brown told California lawmakers "the year ahead will demand courage and sacrifice" as the state faces a deficit projected to hit $25.4 billion over the next 18 months. His proposal combines spending .... Padgitt cited a recent study by the Pew Center on the States that found states face a $1 trillion funding shortfall in public-sector retirement benefits , but said that likely underestimates the problem. "The long-term outlook is quite bad ... Louisiana Politics & Government - http://www.nola.com/politics/index.ssf/2010/04/gov_bobby_jindals_fund-raiser/5520/comments-6.html Year ahead looms as toughest yet for state budgets | state, ahead ... In releasing his budget proposal, Brown told California lawmakers "the year ahead will demand courage and sacrifice" as the state faces a deficit projected to hit $25.4 billion over the next 18 months. His proposal combines spending cuts .... Padgitt cited a recent study by the Pew Center on the States that found states face a $1 trillion funding shortfall in public-sector retirement benefits, but said that likely underestimate the problem. "The long-term outlook is quite ... Valley Morning Star - News Headlines... - http://www.valleymorningstar.com/ UK Bubble, UK Economy: Eurozone debt restructuring: What is to be ... By Alice Cook The hope is that this strategy will cut the fiscal deficit, and gradually lead to a reduction in public sector debt levels. Lower public debt might also reduce long term interest rates and help sustain economic growth. The second is a debt default. .... Financially dreaming in California – 50 percent of California households with a mortgage cannot afford the home they are living in. The lingering effects of Alt-A mortgages and negative equity. 23 hours ago ... UK Bubble, UK Economy - http://ukhousebubble.blogspot.com/ YahooFinance (AP): Year ahead looms as toughest yet for state ... By Administrator In releasing his budget proposal, Brown told California lawmakers “the year ahead will demand courage and sacrifice” as the state faces a deficit projected to hit $25.4 billion over the next 18 months. His proposal combines spending .... Padgitt cited a recent study by the Pew Center on the States that found states face a $1 trillion funding shortfall in public-sector retirement benefits , but said that likely underestimate the problem. To read entire story, click here. ... InlandPolitics.com - http://inlandpolitics.com/blog/ Go Bankrupt, California, Please | Conservative Blog Watch By Adam Sparks Posted in California Budget, Economics, Featured Story, Politics, State Government, state deficit, state pension. | Tagged: Big Labor public employees public sector union state budget state debt State Politics ... Conservative Blog Watch - http://www.conservativeblogwatch.com/ Anatomy of a Hatchet Job | RedState By Mark Impomeni (Profile) Moran correctly notes that New Jersey's budget is in dire straits in large part to unfunded liabilities in the public employees' pension system - some $54 billion this year. Moran says that the pension's impact on the bottom line has ... But the estimated budget deficit Moran cites comes from the very same OLS that he earlier said produced the mythical $11 billion deficit estimate for fiscal 2011. Indeed in the very sentence preceding his close, Moran calls the $11 ... RedState - http://www.redstate.com/ Craziness From Detroit | Clarion Advisory By Clarion Advisory I hope we as a country are starting to rethink our dealings with public sector unions. They really are doing more harm than good. If the government is actually following the laws that they have enacted, there should be NO reason for public ... BOSTON | Scott Brown ran for the Senate vowing to rein in government spending and cut the federal budget deficit. A year later, he is open to increasing the national debt limit so the government can both spend and borrow more. ... Clarion Advisory - http://clarionadvisory.com/ 71% of Americans Oppose Raising Debt Limit | EX-SKF By arevamirpal::laprimavera Brian Riedl, the lead budget analyst at the conservative Heritage Foundation, said the poll findings put "a lot more pressure on those who want to raise the debt limit to make a convincing argument to a very skeptical public." I don't think they have any clear ... The federal government is going to have another $1.5 trillion deficit year. If the debt limit is reached and is not raised, the government cannot borrow additional funds to pay for stuff. What stuff, you ask? ... EX-SKF - http://ex-skf.blogspot.com/ The Public Overwhelmingly Wants Spending Cuts, but Will the GOP ... By Dan Mitchell Americans strongly prefer cutting spending to raising taxes to reduce the federal deficit. While 77 percent prefer to cut spending, just nine percent call for raising taxes. Another nine percent want to do both. ... But do they want budget cuts against themselves, or just the other guys? The big question would be: Think of the benefits you received from the government: mortgage tax deduction, the promise of social security and medicare, etc.; now, would you be willing to ... International Liberty - http://danieljmitchell.wordpress.com/ Illinois is No Peter Pan | TheTradingReport By Daily Reckoning - Frederick Sheehan The $280 billion figure is analytically controversial but deductively compelling given the efforts to deny and confuse bondholders and the public alike respecting the coming collapse of the municipal bond market. ... Goldman Sachs research chips in: “[G]eneral obligation debt is backed by a state or local government's pledge to raise taxes to service that debt if necessary.” Barclay's wrote to its California-averse clients that the state is obligated “in good faith to use ... TheTradingReport - http://www.thetradingreport.com/ Common Man News: Detroit: An American Ghetto Where a House Costs ... By themancommon It is the story of the American middle class, built on the back of a booming industrial sector. But today it's become an omen of the struggles for middle- and lower-class Americans and the manufacturing jobs they once relied on. ... The city's public school system is considering a GM-style restructuring to deal with its $327 million deficit and avoid bankruptcy. As Mayor Dave Bing grapples with the city's $300 million budget gap, he's looking to cut services in the ... Common Man News - http://themancommon.blogspot.com/ The audacity to get things done « The only adult in the room By blackwaterdog The exports boom has helped the manufacturing sector grow at a pace three times faster than the rest of the economy. According to federal data released last week, exports rose for the third straight month in November to nearly $160 billion. ..... The beltway and media cream themselves over deficit talk, but the general public's main concerns are the economy and jobs. He'd be doing exactly the wrong thing by devoting tons of time to addressing the deficit. ... The only adult in the room - http://blackwaterdog.wordpress.com/ Go Bankrupt, California, Please » - The Southern BLAZE - By Adam Sparks Posted by Adam Sparks at 9:55 am Tagged with: Big Labor, california budget, Economics, Featured Story, Politics, public employees, public sector union, state budget, state debt, state deficit, State Government, state pension, ... - The Southern BLAZE - - http://www.vol360.com/ Truth to Power: The State By The Public Eye Tensions high over bailouts as eurozone summit begins - 17 JAN 2011 By Nikhil Kumar | Independent Europe's debt crisis will top the agenda when finance ministers from the 17 eurozone nations begin meeting in Br... 39 minutes ago. LewRockwell.com Blog ... How to Balance the Budget in 2 Years - Don't tell me it can't be done. We've run the numbers. It can. Should the political will exist, Ottawa can eliminate its deficit in two years without ra... 51 minutes ago ... Truth to Power - http://accesstoinfo.blogspot.com/ Econonwrap: From banksters to cataracts | eats shoots 'n leaves By richardbrenneman Anti-poverty campaigners renewed their call for new taxes on the financial sector after JP Morgan Chase set aside almost $10bn for basic pay and bonuses in its investment banking division. ... This loss of $44 billion in revenue was a major blow to a federal government struggling to rein in deficit spending. “I know we talk in trillions these days, but that $44 billion is a lot of money, and I expect it to grow,” said economic analyst Howard Silverblatt in an interview ... eats shoots 'n leaves - http://richardbrenneman.wordpress.com/ Seaside Post: Change should transcend hate By Seasidepost "These cuts will be painful, requiring sacrifice from every sector of the state, but we have no choice," said Brown. "For 10 years, we've had budget gimmicks and tricks that pushed us deep into debt. We must now return California to fiscal responsibility and get our state on the ... "Not only would repeal of health care reform add to our deficit, it would dump more than 30 million Americans from coverage who will be protected by our new health care reform act," said Sen . ... Seaside Post - http://seasidepost.blogspot.com/ Why do libs avoid President Bush's Accomplishments ... By admin462 Earmarked at diminutive 20 proportionality of the Defense acquisition budget for next-generation weaponry. 16. Increased accumulation analyse and utilization outlay by at diminutive $20 1000000000 from playing 2002 to 2006. 17. ... This weakens public-sector unions and cuts undeserved clear raises. 2. Initiated analyse of every federal agencies with the content of eliminating federal jobs ( completed Sept 2003) in an try to turn the filler of the federal polity patch ... International Business - http://internationalbusinesse.com/ Across the country, states face painful decisions as budget ... In releasing his budget proposal, Brown told California lawmakers "the year ahead ... as the state faces a deficit projected to hit $25.4 billion over the next 18 months. ... Arkansas was the last state to default on its debt payments, ... face a $1 trillion funding shortfall in public-sector retirement benefits, ... www.startribune.com/business/113779299.html?elr...Dii... Paul Ryan: No federal bailouts coming for Illinois and California ... The statutory Debt Limit legally caps, at an amount legislated by Congress, the amount of .... All that work the Public Sector Unions did to help state Comptroller Tom Dinapoli eke out a ... U.S. Budget Gap Narrows, Deficit Still High ... republicanifi.com/.../Paul-Ryan-No-federal-bailouts-coming-f... Destinys Choice - America Is: California's Debt/Deficit Can Be ... California faces its most serious budget crisis since the Great Depression. .... health-care benefits must be renegotiated with the state's public-employee unions. ... such as 401(k)s, like their counterparts in the private sector. ... freedomsfreefall.blogspot.com/.../californias-debtdeficit-can-b... California budget: Jerry Brown's plan to plug $25B deficit - Yahoo ... California budget: Jerry Brown's plan to plug $25B deficit ... "For 10 years, we 've had budget gimmicks and tricks that pushed us deep into debt. .... On the other hand, public service sector spending is sickly high and the unfunded ... biz.yahoo.com/.../011011_california_budget_jerry_brown.ht... Year ahead looms as toughest yet for state budgets - San Antonio ... In an attempt to fill a $25.4 billion budget deficit, Gov. ... investment in public services, at the Capitol in Sacramento, Calif. .... Arkansas was the last state to default on its debt payments, a move it took during the Great Depression. ... a $1 trillion funding shortfall in public-sector retirement benefits, ... www.mysanantonio.com/.../Year-ahead-looms-as-toughest-yet... 2011 Looms As Toughest Year Yet For California Budget « CBS Los ... In releasing his budget proposal, Brown told California lawmakers “the year ahead ... as the state faces a deficit projected to hit $25.4 billion over the next 18 months. ... Arkansas was the last state to default on its debt payments, ... face a $1 trillion funding shortfall in public-sector retirement benefits, ... losangeles.cbslocal.com/.../2011-looms-as-toughest-year-yet-f... Spending cuts, tax vote at heart of California budget plan | Reuters Analysis: California budget fray opens debt-buying opportunity ... At $28 billion over the next 18 months, California's deficit represents ... Look in your local paper if ya doubt-the public sector is still enjoying a hiring bubble ! ... www.reuters.com/article/idUSTRE70450T20110109 California budget: Jerry Brown's plan to plug $25B deficit - Jan ... Some public employees would lose up to 10% of their tax-home pay and the state's ... "These cuts will be painful, requiring sacrifice from every sector of the state, ... "For 10 years, we've had budget gimmicks and tricks that pushed us deep into debt. ... California budget: $25 billion dilemma for Jerry Brown ... money.cnn.com/2011/01/10/news/economy/.../index.htm Tax Hike Passes By One Vote: Illinois is Nation's Worst Credit ... Illinois is the worst credit risk in the nation and its public debt is in excess of $130 billion. The state has not balanced a budget in a decade, and rating agencies now ... is because of pension payments for public sector union employees. ... California has a $19 billion deficit this year, and sovereign debt of ... diplomatdc.wordpress.com/2011/01/11/illinois/ Colorado not alone in state budget struggle | NewsFirst5.com ... In releasing his budget proposal, Brown told California lawmakers "the year ... from 3 percent to 5 percent, in a bid to resolve a $15 billion deficit, ... Arkansans was the last state to default on its debt payments, a move it took ... face a $1 trillion funding shortfall in public-sector retirement benefits, ... www.newsfirst5.com/.../colorado-not-alone-in-state-budget-str... Dan Cody – "Left on the Lake" » You Might Be Surprised Which (Red ... As an example, the massive deficit that California faces is a frequent topic ... The whole budget is basically education and healthcare spending. ... more to do with unfunded future liabilities (e.g., public sector pensions). ... In states like Texas, the long-run debt is shrinking and the economy is strengthening. ... dancody.org/.../you-might-be-surprised-which-red-states-have... Great Recession is over, but more pain ahead for states | LoHud ... In releasing his budget proposal, Brown told California lawmakers "the year ahead ... as the state faces a deficit projected to hit $25.4 billion over the next 18 months. .... Arkansans was the last state to default on its debt payments, ... face a $1 trillion funding shortfall in public-sector retirement benefits, ... www.lohud.com/.../Great-Recession-is-over-but-more-pain-ah... Labour markets: Texas is different, a continuing series | The ... CA's annual budget deficit then is about $19.1B and TX's is about $9B. ... of corporate welfare just lowers the business sector debt and raises gov't debt. ... www.economist.com/blogs/freeexchange/.../labour_markets_0 Governor Brown's Budget Slashes State Spending by $12.5 - Office ... “These cuts will be painful, requiring sacrifice from every sector of the state, ... Brown's budget also calls for temporary continuation of taxes while the state pays off debt, ... closes California's budget deficit “now and into the future.” ... public education and the quality of life in California,” he said. ... gov.ca.gov/news.php?id=16872 New California governor announces balanced state budget "These cuts will be painful, requiring sacrifice from every sector of the state, ... In addition, the deficit will grow to 26.6 billion dollars if the proposed sale ... job growth, public education and the quality of life in California," he said. ... California governor, controller fight in court over state budget ... news.xinhuanet.com/english2010/business/.../c_13685095.htm Governor Brown's Budget Press Release - Plumas County, CA ... “These cuts will be painful, requiring sacrifice from every sector of the state ... “For 10 years, we've had budget gimmicks and tricks that pushed us deep into debt. ... In addition, the deficit will grow to $26.6 billion if the proposed sale of ... public education and the quality of life in California,” he said. ... www.countyofplumas.com/CivicAlerts.aspx?AID=226 Texas budget deficit presents Governor, GOP-led Legislature ... For every other sector of the American economy, unemployment remains high, and those who ... making mortgage payments on a house, or paying down credit card debt, .... Other states with huge budget problems, such as California and Illinois, ... It scores among the bottom five states in spending on public education, ... www.fontcraft.com/broadside/?p=34259 "How will economy be impacted if $1 Trillion is" | Myspace Forums Since the budget deficit is expected to be around $1 trillion, that means that the .... JASON HUN; M/102; L.A. - Orange County area, California, US ... else.. when either the private or public sector cuts spending, it slows the economy. ... Why even have a debt ceiling, if they are simply going to keep raising it ... www.myspace.com/forums/t/4869961 Year ahead looms as toughest yet for state budgets - NewsTimes California is just one of many states facing a year of reckoning as they deal with multi-billion ... In an attempt to fill a $25.4 billion budget deficit, Gov . .... Arkansas was the last state to default on its debt payments, ... states face a $1 trillion funding shortfall in public-sector retirement benefits, ... www.newstimes.com/.../Year-ahead-looms-as-toughest-yet-for... Americans Turning Against Public Employee Unions « Liberty Central ... Liberty Central has frequently reported on the costs to the taxpayer of the growing public sector. While workers in the private sector have suffered badly ... www.libertycentral.org/americans-turning-against-public-empl... Year Ahead Looms As Toughest Yet For State Budgets - CBS News Across The Country, States Face Painful Decisions As Budget Deficits Cut Into Core Services .... Arkansas was the last state to default on its debt payments, ... states face a $1 trillion funding shortfall in public-sector retirement benefits, ... Matt Hanson, 50, a civil engineer who has worked for California's ... www.cbsnews.com/stories/2011/01/15/.../main7249714.shtml Year ahead looms as toughest yet for state budgets - StamfordAdvocate 10, 2011 file photo, California Gov. Jerry Brown points to a chart as he explains his approach to ... In an attempt to fill a $25.4 billion budget deficit, Gov. .... Arkansas was the last state to default on its debt payments, ... states face a $1 trillion funding shortfall in public-sector retirement benefits, ... www.stamfordadvocate.com/.../Year-ahead-looms-as-toughest... Jerry Brown Reveals Budget, And It's Ugly | Transportation Nation “These cuts will be painful, requiring sacrifice from every sector of the state, ... In addition, the deficit will grow to $26.6 billion if the proposed sale of ... cities and counties and help pay for public safety, education and other services. ... Tagged as budget cuts, California, Jerry Brown, redevelopment. ... transportationnation.org/.../jerry-brown-reveals-budget-and-its... public sector union » - The Southern BLAZE - We're now 25 billion dollars in the red in California. ... Here's the problem, notwithstanding a current state budget deficit of 25 billion dollars, ... www.vol360.com/tag/public-sector-union/ Texas Faces $25 Billion Budget Deficit | Drudge Retort But all you hear about is the public sector workforce. ..... This is just another example on why the debt of California and Texas is not the same. ... www.drudge.com/news/.../texas-faces-25-billion-budget-defici... CA Political News | show 'These cuts will be painful, requiring sacrifice from every sector' California Gov. Jerry Brown says his proposed state budget for the coming fiscal year will slash ... “For 10 years, we've had budget gimmicks and tricks that pushed us deep into debt. ... closes California's budget deficit “now and into the future. ... capoliticalnews.com/blog_post/show/7385 email: info@als-alexander.org or interalex2@gmail.com

Related articles

• Who's Benighted? (cafehayek.com)
• White House Budget Chief Sees FY'11 Deficit At $1.3 Trillion (forexlive.com)
• Supercommittee tackles nation's huge budget deficit (seattletimes.nwsource.com)
• NSW budget falls into deficit (news.theage.com.au)
• Congressional Budget Office: Monthly Budget Review (ynative77.wordpress.com)