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"California’s only remaining A-level credit grade from a major rating firm is in greater danger as the state’s budget woes deepen yet again. Standard & Poor’s on Wednesday cut its rating on California’s $64 billion in general-obligation debt to A-minus from A and warned that the outlook was “negative,” meaning another reduction could loom. S&P cited new concerns about the state’s finances, including a possible cash shortage “if the state’s revenue and spending trajectories continue.” Scrambling to close a $20-billion budget gap, Gov. Arnold Schwarzenegger has proposed a number of one-time fixes — including having the federal government contribute nearly $7 billion in new aid. Yet the state’s chief budget analyst believes the odds of getting that much help from the U.S. are “almost nonexistent.”"
Posted from Diigo. The rest of my favorite links are here.
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