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Many California municipalities are facing crushing bond and pension debt, while eviscerating budgets in attempts to stay solvent. Among the worst hit is the city of Stockton, whose city council recently voted to default on bond payments.
With only one year left in office, Governor Schwarzenegger has set an ambitious agenda to salvage what many believe to be a disappointing tenure. The Governor aims to work with the Legislature and reform-minded organizations to achieve the following goals:
On November 27, the New York Times <a href=”http://www.nytimes.com/2009/11/28/us/28brfs-GOVERNOROWES_BRF.html”>reported</a> that Governor Schwarzenegger may owe nearly $80,000 in taxes to the state. If true, this is not a good position to be in for the chief executive of a state that is assuredly bankrupt.