Word: billioned
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...Moody's credit rating report issued last April said that Harvard was considering halving its capital spending and new debt issuance, and the University recently announced that it would be halting construction of its Allston Science Complex, the roughly $1 billion cornerstone of the University's future campus across the Charles River...
...last time Harvard issued debt was in December 2008, at the height of the global financial crisis, when it borrowed $2.5 billion to raise cash, refinance risky short-term debt, and terminate certain investment agreements. The move drew heavy media attention and criticism, with a Forbes cover story suggesting that Harvard was in a "cash-raising panic...
...Terminator and Conan the Barbarian, Arnold Schwarzenegger was elected governor of California six years ago to slay the deficit dragon that has been terrorizing the state for most of the past decade. But in his final budget proposal, on Jan. 8, Schwarzenegger, a Republican, struggled to address a $19.9 billion budget gap over the next 18 months, unveiling plans that include what he calls "draconian cuts" to social services. The man who used to be hailed as the Governator didn't reference any of his action movies to describe his battles with the deficit. Instead, he invoked a very different...
While Schwarzenegger's plan spares the state's four-year universities, K-12 schools and two-year community colleges get whacked, losing $2.4 billion in funding. And it remains unclear how prison costs can be contained. Schwarzenegger wants to privatize the prisons, but to do so, he will have to defeat the powerful prison-guard union. After years of stiffer sentences supported by politicians and voters, California's prison population has exploded to 170,000 inmates. Overcrowding is so severe that federal judges have ordered the state to reduce the prison population by 40,000 over the next two years...
...comfort to Ma, whose popularity was down to 33% in December 2009, after local elections where Ma's party lost ground. Despite objections from China about selling arms to Taiwan, the U.S. awarded Lockheed Martin Corp the contract to provide Patriot missile systems as part of a $6.5 billion arms sale package to Taiwan passed by the US Congress in 2008. The U.S. missile systems could shoot down Chinese short-range and mid-range missiles. China has over 1000 missiles pointed at Taiwan, a democratic island China claims...