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California Governor Arnold Schwarzenegger told lawmakers at the Capitol that “California’s day of reckoning is here.”  Without any action, the state will run out of money in 14 days. Three months after the state budget was approved, California faces a $24 billion deficit (er that’s on a 90+ billion budget).

Alabama’s Jefferson County is unable to make a $636 million sewer debt payment due Friday. The county will hold an emergency meeting to vote on an extension request which they hope will buy some time.
The county was recently downgraded by the ratings agencies which resulted in accelerated principal and interest payments due to banks.  The [...]

California Gov. Arnold Schwarzenegger threatened to lay off up to 10,000 state workers if a new budget is not passed this week.
The layoff threat comes as the governor is forcing most state workers to take off two Fridays per month without pay — the equivalent of an approximately 9% pay cut. The first mandatory day [...]