California Budget Crisis

Budget Crisis Forces Deep Cuts
California's historic budget crisis threatens to devastate a public education system that was once considered a national model but now ranks near the bottom in school funding and academic achievement. Deep budget cuts are forcing California school districts to lay off thousands of teachers, expand class sizes, close schools, eliminate bus service, cancel summer school programs, and possibly shorten the academic year. Without a strong economic recovery, which few experts predict, the reduced school funding could last for years, shortchanging millions of students, driving away residents and businesses, and darkening California's economic future.

Schiff On Jon Stewart

Audit The Fed

Sponsored By More Than Half Of House

The effort to increase the transparency of the Federal Reserve's operations has picked up surprising momentum over the last month, and has now surged past the 218 votes needed for passage in the House of Representatives. The bill boasts 222 cosponsors, with more and more rank-and-file members of Congress steadily signing on to a bill introduced in February by Rep. Ron Paul (R-Texas) to expand the authority of the Government Accountability Office to audit the Fed. On Tuesday, Rep. John Boehner of Ohio, the Republican Leader, signed on. On Thursday, Sen. Jim DeMint of South Carolina, one of the chamber's most conservative members, joined Sen. Bernie Sanders of Vermont, perhaps the Senate's most liberal member, in cosponsoring a companion bill.

The World’s Resources by Country

California Nears Financial "Meltdown"

California Nears Financial "Meltdown"

California's government risks a financial "meltdown" within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state's controller said on Wednesday. Underscoring the severity of California's cash crisis, Controller John Chiang, who has previously warned the state's government risks running out of cash without a budget deal, said revenues in May fell by $1.14 billon, or 17.7 percent, from a year earlier.

China Airs Fears on US debt

China Airs Fears on US debt

Senior Chinese leaders have privately voiced fear over the soaring US budget deficit and are increasingly looking to diversify from the dollar, a Republican congressman said. "We heard across the board -- in private -- substantial, continuing and rising concern," Representative Mark Kirk said after a trip to China that included talks with government officials and central bank chief Zhou Xiaochuan. "It's clear that China would like to diversify from its dollar investments," the lawmaker said at the Center for Strategic and International Studies, a Washington think-tank.

China Mandatory Software On All Computers

China Defends Screening Software

China has defended the use of new screening software that has to be installed on all computers. Foreign ministry spokesman Qin Gang said the software would filter out pornographic or violent material. Critics have complained that it could also be used to stop Chinese internet users searching for politically sensitive information. But Mr Qin, speaking at a regular press briefing, said China promoted the healthy development of the internet. All computers sold in China - even those that are imported - will have to be pre-installed with the "Green Dam Youth Escort" software.

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Canadians Own 11.7% Of GM

Canada, Ontario Commit $10.5B
Saying it was judged to be too risky not to participate in the restructuring of General Motors, the governments of Canada and Ontario will contribute about $10.5 billion in financial aid to the automaker.The federal government will contribute $7 billion, while $3.5 billion will come from Ontario. In exchange for their commitment, Canada and Ontario will get an 11.7 per cent stake in the equity of the restructured GM. Canada will also appoint one independent director to the board of directors of GM.The company will not file for creditor protection in Canada.