UwidoNews

California Governor Arnold Schwarzenegger Monday warned the state will face "a very serious cash crisis" if voters reject ballot initiatives next week. Schwarzenegger told legislative leaders in a letter rejection of the ballot initiatives in the May 19 election, combined with plummeting state income tax revenues, could drive California's budget gap to $21.3 billion, the Los Angeles Times reported Monday.

California governor Arnold Schwarzenegger promised “swift action” after his wife was pictured breaking a law he signed – holding her mobile phone while driving.

Now playing in California - "The Terminator vs. His Wife."Gov. Arnold Schwarzenegger vowed Tuesday to take "swift action" against First Lady Maria Shriver after she was exposed as a habitual violator of the law against using a cell phone while driving.

Indian stocks fell the most in six months, led by banks, after the government forecast the widest budget deficit in 16 years, increasing the risk of a cut in sovereign ratings. The rupee and bonds sank.

California held a special election today to vote on six budget propositions to prevent the budget deficit from exceeding $21 billion. Yes, that is billion, with a ‘B.’

It is essentially going to be a go-slow budget with minor steps towards withdrawal of the stimulus; the fiscal deficit will be somewhere about 5.5-6 per cent. There will be expansion of some of the social sector schemes. What it should do is accelerate the withdrawal of the stimulus and get at least the excise rate back to 12 per cent level.

Reserve Bank of India (RBI) Governor D. Subbarao will conduct the third quarterly review of the monetary policy for this fiscal on Friday amid fears that the cash reserve ratio (CRR) may be hiked to suck excess liquidity and tame inflation.The review also comes against the backdrop of policy makers contemplating the roll back of fiscal stimuli announced since December 2008 to help the Indian economy face one of the sharpest downturns in the global economy in eight decades and the financial crisis.

The impact of fare cuts, the unavoidable hike in wage bill, slower revenue growth and the freebies she has been promising will likely force a deficit budget from Railway Minister Mamata Banerjee Friday, senior officials said.

President Barack Obama’s budget office will announce the government’s deficit for 2009 will total $1.58 trillion, about $262 billion less than forecast in May.