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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 [...]

Gov. Arnold Schwarzenegger has revised his previous estimated budget shortfall of $11.2 billion to $14.8 billion for the fiscal year. California’s budget deficit now predicted to hit $41.8 billion within 18 months.
Schwarzenegger attributes the deficit to the collapsing economy. Sales throughout the state have plummeted as has both personal and corporate tax revenues. The governor [...]