Crisis financiera en California

El estado de California se enfrenta con un déficit de más de 15 mil millones de dólares

California cash crisis

California's Governor Arnold Schwarzenegger has ordered 22,000 state workers to be laid off and 200,000 to have their wages slashed as the state faces a budget deficit of more than US$15 billion.

From Los Angeles, Rajesh Mirchandani reports:

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Governor Arnold Schwarzenegger apologised to state workers as he signed the order that will leave more than 20,000 jobless and ten times that number with lower wages. The move will save $100 million a month. Yet California faces a budget deficit of $15 billion.

Arnold Schwarzenegger:
"Our state faces a looming cash crisis. This situation leaves me with no easy choices, choices, only choices with consequences, consequences that will have a direct impact on California families. And so I have a responsibility to make sure that our state has enough money to pay its bills."

The main problem is that some six weeks after California's new fiscal year began, state legislators have failed to agree a budget, which means California, with one of the largest economies in the world, has no way to pay for contractors, for many of the services it provides and, crucially, no plans for how to make up that huge budget shortfall. The Governor's move is designed to put pressure on politicians to resolve the crisis.

In fact some 30 American states face budget deficits, caused by rising costs and falling revenues in a slumping economy. But California's is by far the largest.

Rajesh Mirchandani, BBC

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faces a budget deficit
se enfrenta con un déficit de presupuesto

faces a looming cash crisis
se enfrenta con una crisis financiera imponente

fiscal year
el año financiero

crucially
de forma crucial

make up that huge budget shortfall
recuperar este déficit enorme del presupuesto

move
acción

put pressure on
presionar

to resolve the crisis
a resolver la crisis

rising costs and falling revenues
precios que suben e ingresos que bajan

a slumping economy
una economía en caída

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