Time for another bailout?
California lawmakers gathered again Tuesday in another bid to end the state's multibillion-dollar budget stalemate, as the state was poised to start laying off as many as 20,000 government workers.
After frustrating weekend sessions that failed to break the one-vote impasse preventing them from passing a budget compromise plan to end the crisis, legislative leaders said they planned to put the tax increases in the package up for a vote Tuesday.
In addition to the layoffs, the state planned to halt all remaining public works projects, which would throw nearly 92,000 construction workers out of work. Tax refunds already have been delayed because the state has no money to pay them.
The Republican governor, who declared a fiscal emergency in December, has butted heads for months with the Democratic majority over alleviating the state's $11.2 billion revenue shortfall this fiscal year alone. The cuts would save California $750 million for the year. The state's $42 billion deficit is for the current and next fiscal years.
How long before Barry O'Bama calls for a California Bailout?
Putin Lectures American Democrats Against Socialism
You know things are out of control when Communist China is lecturing democrats on protectionism and now the former head of the KGB is lecturing US democrats against socialism. Russian Prime Minister Vladamir Putin has said the US should take a lesson from the pages of Russian history and not exercise “excessive intervention in economic activity and blind faith in the state’s omnipotence”. Via Gateway Pundit
Commentary: If you oppose stimulus, don't take the money.