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Fitch Ratings dropped California's bond rating from A-minus to BBB. [15] On July 24, 2009, the state government passed a budget that included $15 billion in service cuts, including $8.1 billion in education cuts.
California faced a $26.3 billion budget deficit for the 2009–2010 budget year. [7] While the legislative bodies appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the Great Recession and the 2007–2008 financial crisis the problem became urgent ...
On April 24, 2008, Schwarzenegger predicted that California would face a budget deficit of more than $10 billion in the upcoming fiscal year. [ 81 ] On September 23, 2008, Schwarzenegger signed the state's budget, ending an 85-day deadlock over how to close the state's $15.2 billion deficit.
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It passed in the November 2008 California state elections and was later overturned by the courts. The proposition was created by opponents of same-sex marriage in advance [3] of the California Supreme Court's May 2008 appeal ruling, In re Marriage Cases, which found the ban in 2000 on same-sex marriage (Proposition 22) unconstitutional ...
California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. ... New York recently passed a ...
California’s Legislature on Wednesday night approved most of the bills that make up the $298 billion budget agreement with Gov. Gavin Newsom to close a roughly $47 billion deficit.
The Governor did include $14.3 million in the 2006-07 budget for the California High-Speed Rail Authority, enough for it to begin some preliminary engineering and detailed study. [1] The proposition was delayed again from 2006 to 2008 to avoid competition with a large infrastructure bond, Proposition 1B, which passed in 2006.