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2010 » Sep » 01
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California lawmakers reject dueling budgets as impasse persists

Business Week: (Bloomberg) -- California lawmakers rejected competing budget proposals by Republicans and Democrats as they remain at odds on how to close a $19.1 billion deficit and keep the state from running short of cash next month.

Lawmakers from both parties acknowledged before yesterdays votes that their proposals would fail amid the stalemate. Republicans led by Governor Arnold Schwarzenegger want to dismantle the states main welfare program and slash $12.4 billion of spending. Democrats proposed $5.9 billion in higher levies combined with spending cuts.

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Tags: Management, Business, Real estate, Michael Bloomberg, Business school, Harvard Business School, Master of Business Administration, Bloomberg L.P.

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