Word: shutdowns
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...What is crystal clear is that there will be a devastating impact if the water is released," Triplett says. The Federal Emergency Management Agency (FEMA) estimates that if the dam needs to be released, the resulting damage could cost $3 billion. County officials estimate that the ensuing shutdown of business could cost the area another $46 million per day. The odds of needing to release the dam, according to the Army Corps of Engineers, are about 1 in 3. "That's a huge number," Triplett says. (See pictures of the worst floods to hit Manila in half a century...
Across the country, state governments are grappling with how to sharply trim budgets amid the worst recession in decades. But nowhere is that debate more intense than in Michigan, where officials are scrambling to close a $2.8 billion deficit and avert a government shutdown at midnight on Wednesday...
Managing Michigan's crisis is the state's governor, Jennifer M. Granholm. Talking recently with TIME in the parlor of her second-floor office in the state's capitol building, Granholm said that preventing a government shutdown before midnight Wednesday, the end of the state's fiscal year, "is going to require a level of cuts that people have not had before...
Toyota has announced plans to close the last auto plant on the West Coast next March, prompting angry objections from the United Auto Workers, community groups and politicians throughout the state of California. The shutdown of the New United Motor Manufacturing Inc. (NUMMI) plant in Fremont, Calif., across the bay from San Francisco, marks the first time the Japanese automaker has deviated from its policy of maintaining employment...
Further, GM's decision to leave NUMMI, which wasn't eligible for bailout money, made the plant any easy candidate for a shutdown, since Toyota's plants in Kentucky, Indiana, Texas and Alabama are all newer and nonunion, Cole says. United Auto Workers officials organized a large protest outside the NUMMI plant last week. (Read "Why Volkswagen Is Powering Through the Recession...