Word: programming
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...July 20 when California Governor Arnold Schwarzenegger and legislators announced they had reached an agreement to close the state's $26.3 billion budget shortfall. The deal employs a combination of shifted funds, massive borrowing and more than $15.5 billion worth of cuts to major government programs. Comparing the budget sessions to a "suspense movie," Schwarzenegger thwarted a request by state Democrats to raise taxes and said the $12.9 billion hike in February was enough. Having issued some $680 million in IOUs and put nearly every member of the state workforce on a mandatory three-days-a-month furlough program, California...
...KILL PROGRAM Levin (D., Mich.) McCain (R., Ariz...
...their financing yanked, forcing some out of business. Traditional lenders like GMAC aren't as available to boat dealers due to the credit crunch, and the SBA is there to "fill the void," Matz adds. The loans will range between $500,000 and $2 million for the pilot program, approved at least through Sept...
...even dealership owners whose legislators pushed the program don't plan to use it. Tom Whowell, who owns Gordy's Boat Dealership in Lake Fontana, Wis., says he received some information and knows of one dealer who might go forward with an application, but said he "didn't get the impression from my talks with my peers that many of them or any them were using (the plan)." (Read "Small Business: Tales of Triumph and Turmoil...
That's why critics don't think the program was worth the effort, questioning if niche industries like boats and RVs deserve the same financing aid as the auto industry. Dean Baker, co-director of the Center for Economic Policy and Research said that although the financing program leaves some of the risk on the lenders, (only 75% is guaranteed by the SBA, not the maximum 90%) it's hard to see what the Administration's goal is and how effective the plan will be over time. "The question is, what exactly do we hope to do with subsidizing this...