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California Deficit Might Bring Down the Whole U.S. Economy

Written By David D'Angelo on Tuesday, July 7, 2009 | 7/07/2009

California is now on a cliffhanger that not even the Terminator's power could solved. It is battling a US$24 billion deficit and a budget that faces harsh opposition and enactment since its state law requires a 2/3 vote in order to pass it. Spending cuts and new taxes are being taken into consideration in order to balance the budget. Since California is among the world's eight largest economy and a major catalyst of the United States economy, its downfall will definitely cause a major shakeup in the main country's economy. By the looks of it at the moment the United States maybe heading for a major downfall soon.

However, Washington's stand is to let California lawmakers and Gov. Arnold Schwarzenegger resolve the issue in the problem. In layman's say the message of Washington to California as a news stated was: "Drop dead"

Among the proposals being made were state employees taking another day of unpaid leave a month, cutting the funding for the Bureau of Narcotics Enforcement, closing of at least 80% of state parks, reduction of education funding and elimination of the state's $1.3 billion welfare fund.

Top choices for Californians but definitely there is something that should be done.

Meanwhile for those who are interested to have some peek on balancing the budget TAKE THIS GAME FROM L.A. TIMES and see what you can do.


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