Word: budget
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...more than $3,000 per family per year - but those numbers assume that billions of tons worth of inexpensive carbon offsets won't be available under the bill, which would significantly inflate the overall cost. That's not going to happen. A more reliable study from the nonpartisan Congressional Budget Office forecast that the bill would cost the average U.S. household $175 in higher energy costs annually by 2020 - and other studies estimate that the energy-efficiency provisions in the bill might even save Americans money over time. "The emission reductions in the bill can clearly be achieved...
...financial crisis in California grew worse this week as state controller John Chiang warned that if legislators and Governor Arnold Schwarzenegger fail to come up with a budget-balancing package, he would begin paying California's bills with IOUs on July 2. The state has only done this once since the Great Depression...
...government become so wildly dysfunctional? One obvious cause is the deep recession, which has caused tax revenues to plunge for all states. But California's woes have a set of deeper reasons: direct democracy run amok, timid governors, partisan gridlock and a flawed constitution have all contributed to budget chaos and people in pain. And at the root of California's misery lies Proposition 13, the antitax measure that ignited the Reagan Revolution and the conservative era. In Washington, the Reagan-Bush era is over. But in California, the conservative legacy lives on. (Read TIME's report...
...grew up in Modesto with "lots of love but no money." Raised by her aunt and uncle, she receives a Cal Grant of $4,500 a year. "It definitely helps," says Muth, who credits the grant with allowing her to focus on her studies. As part of his proposed budget cuts, however, Schwarzenegger says Cal Grants should be phased out and that money promised to the incoming college class eliminated. "I appreciate the grant very much and I'm concerned about students coming after me not having the opportunities I've had," says Muth. "I'm really...
...monitor the situation closely, and the relevant ministries and state governments are preparing contingency plans, including distributing drought-resistant seeds, encouraging farmers to grow crops that require less water, and even implementing cloud seeding programs to bring on rains. Experts expect tax breaks and price supports in the budget to be announced early next month. Roy of FICCI says the worst may yet be averted. "Last year the agricultural season was good and procurement was higher than normal," he says, "But the government can start taking preparatory steps such as imports of critical food items such as pulses because currently...