Wednesday, July 15, 2009

Report: California Close to Budget Deal

by Calculated Risk on 7/15/2009 08:39:00 PM

From the LA Times: California Approaches a Deal on Budget Cuts (ht Rob Dawg)

California lawmakers neared a deal Wednesday with Gov. Arnold Schwarzenegger to close the state’s $26 billion budget gap ...

Details emerging from the talks suggested that the deal will require extraordinarily deep cuts to school systems and local governments, and ... substantial cuts to health care and other social services.
The state’s education budget of nearly $52 billion seemed destined for another large hit — likely $1.5 billion — on top of substantial reductions earlier this year, officials said. ... Public colleges and universities across the state have already prepared for millions of dollars in cutbacks by furloughing employees. Statewide furloughs of three days a month for government employees are likely to continue through the rest of the fiscal year.
The furloughs continue, and this will lead to more layoffs especially at the local level.