california budget

Gov. Brown Declares State of Fiscal Emergency in California

Newly-installed California Gov. Jerry Brown declared a state of fiscal emergency on Thursday, underscoring the need for quick legislative action on the state's massive budget deficit. Without corrective action, he said, California's combined deficit for this year and the next will be $25.4 billion.

California Kicks Off $14 Billion in Bond Sales

The fiscally struggling state hopes that investors concerns over its troubles will be offset by their desire for yield. Governor Schwarzenegger has called a special legislative session to address a deficit now projected to be more than $25 billion over the next 18 months.