Cali Deficit Targeted for Termination
From The Economist:
Arnold Schwarzenegger, California’s governor, submitted an austere state budget for the forthcoming financial year. To deal with a staggering $14.5 billion deficit, the Gubernator proposed cutting $4.8 billion in school funding, temporarily closing 43 state parks and releasing 22,000 prisoners early. His budget also includes 10% cuts in funding for almost every state department, leaving services like Medi-Cal, the state’s medical programme for the needy, $1 billion worse off. California’s legislature will consider Mr Schwarzenegger’s proposal and try to agree on its details before June 15th. If no deal is reached, a group called the “Big Five”—the top Democrat and Republican from each house, plus the governor—will continue to negotiate.