California’s Budget Crisis: Is There a Way Out?

With budget negotiations stalled, a cash crisis looming and its fiscal crisis deepening, California today will begin issuing IOUs — formally called registered warrants — to tens of thousands of businesses and individuals to whom the state owes money. Gov. Arnold Schwarzenegger on Wednesday declared a fiscal emergency and ordered a third unpaid furlough day each month for 235,000 state employees.

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Obama proposes making ‘pay-as-you-go’ the law

President Obama on Tuesday proposed making "pay-as-you-go" rules for federal spending into law. The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere, Obama said in announcing the measure that now goes to Congress. A previous PAYGO mandate helped erase federal budget deficits in the 1990s, and subsequent ineffective rules contributed to the current budget deficits, Obama said

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Peace breaks out in F1 budget cap row

Formula One’s budget cap row looks over as Ferrari and other leading teams submitted conditional entries to the 2010 world championship on Friday. Ferrari had led opposition from the Formula One Team’s Association (FOTA) against proposals by motor sport’s governing body Federation Internationale de ”Automobile (FIA) over a proposed $60 million limit on spending by the teams. The deadline to sign up for the 2010 season was Friday and Ferrari joined McLaren, BMW Sauber, Toyota, Renault, Red Bull Racing, Toro Rosso and Brawn GP in confirming their entries

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House approves $3.44 trillion budget resolution

The House of Representatives passed a $3.44 trillion budget resolution for fiscal year 2010 Wednesday, approving most of President Obama’s key spending priorities and setting the federal government in a new direction with major increases for energy, education and health care programs. The resolution, which was approved by a vote of 233 to 193, passed in a virtual party-line vote.

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Obama’s Budget Fight Starts With His Own Party

It’s not exactly the can-do, uplifting kind of message that President Barack Obama or Congressional Democrats want to deliver to the voting public. But in the face of soaring deficit projections and growing Republican and moderate Democratic opposition to the Administration’s $3.6 trillion budget plan, it may just be the best they can do.

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