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: Mortgage Lender Implode-o-MeterHuge Deficit Stuns Cincinnati; California Faces Cash Crisis
By Implode-Explode Heavy Industries
A struggling economy and a forecast of income tax revenues that was far off the mark has Cincinnati City Council staring at a $40 million budget deficit through 2010 - sparking talk of layoffs and cuts in service in the year to come.
...
Voters yesterday added $6 billion to a budget deficit when they defeated five measures backed by Governor Arnold Schwarzenegger, a Republican, and the Democrat-led Legislature. The governor said lawmakers will be forced to cut deeper into spending on everything from schools to jails as the state prepares to borrow record sums from investors.
Full post as published by Mortgage Lender Implode-o-Meter on May 20, 2009 (boomark / email).
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