California Senate and Assembly Finalizes Budget Decision

After an all-nighter, the California Senate and Assembly came to an agreement on the state’s dire budget crisis. Earlier this week, I asked how an entire state could go bankrupt… I guess that seems like a ridiculous question since America as a whole is teetering on the same precipise. ANYWHO…

“The Senate and Assembly voted in favor of an 18-month budget that combines spending cuts and new revenues, clearing the way for the bill to be signed into law by Gov. Arnold Schwarzenegger.

The budget includes $15 billion in permanent spending cuts, $12.8 billion in temporary tax increases and $11.4 billion in borrowing. It also creates a $1 billion reserve for fiscal 2009 to 2010.”

Calif legislature OKs budget after long standoff

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