California Pulls the Plug on Construction

Barack Obama says public spending will stimulate the economy and help end the recession, but the biggest state in the union is moving in the other direction. California's Pooled Money Investment Board is little known but vitally important to the day-to-day services the state provides. Today, the Board cut off the money for 1,985 construction projects, including highways, levees, prisons and pollution clean-up. Billions of dollars for business are at stake along with tens of thousands of jobs. The Board members are the Governor's Finance Director and two elected officials, Controller John Chiang and Treasurer Bill Lockyer. Lockyer is chair. We hear why 2000 California construction projects are being shut down.