Word: credits
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...California faces a $25 billion budget shortfall, which it must resolve by July 1, the state is on the brink of financial disaster, and ripples from its fiscal collapse could adversely affect both the nation's economic rebound and, potentially, the Federal Government's credit status. The Republican governor and GOP legislators say they will not raise taxes, especially after Schwarzenegger and six Republican legislators joined a budget deal with Democrats in February that combined deep cuts and $12.8 billion in higher taxes. Now the budget shortfall has spiked again as state tax receipts have dropped 27% from a year...
...addition to its multibillion-dollar deficit, California faces a severe cash-flow crisis and state controller John Chiang warns that the state could run out of money in July. California has the worst credit rating among the 50 states, so its leaders have pressed the Obama Administration and Congress to act as a co-signer on the state's borrowing. As with AIG, California officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner...
...spite of the credit crunch, you have some cash to spare and enjoy fine wine, but need a little help sorting out your cellar, how about adding a personal sommelier to your speed dial? (See Time.com/Travel for city guides, stories and advice...
...joining fee is over $80,000, with a roughly $20,000 yearly subscription, but Faure Beaulieu has sufficient faith in the product's appeal to already be planning a flurry of international membership drives. "I think more and more people are interested in wines these days. Even with the credit crisis, there's room for another model." Such confidence calls for a toast...
...credit, clench-jawed Netanyahu could have used the re-election of Israel's favorite bogeyman, Mahmoud Ahmadinejad, in Iran to raise the usual security alarms and resort to time-tested fear-mongering. But in his speech, he mentioned Iran only briefly. (See a story about how Tehran's streets have become a battleground...