GOP Proposes Blueprint to Solve the State Budget Crisis

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More of the state-s bills will be going unpaid, and California will be living on borrowed money until the Legislature passes a budget. Last night, in a rare Sunday session, Republicans detailed the cuts they say could make up California-s $38 billion budget deficit without new taxes, but Democrats said it would leave poor people -dying in the streets- and slapped it down 45-to-27. Then, everybody went home for a good night-s sleep. Today, the Legislature is no closer to solving California-s massive budget crisis. We get the specifics on what Republicans want to cut, from Assemblyman John Campbell of Irvine, and who the Democrats want to tax, from Assemblywoman Jackie Goldberg of Los Angeles. Making News: Markets Post Big Gains It was an up day on Wall Street today, with a big jump in technology shares. The Nasdaq closed at its highest level in 14 months, with gains in the semi-conductor industry, that suggest demand for tech gear is finally picking up. The Dow is up too, in what is the biggest and longest-lasting gain since last October-s low. E.S. Browing, stock market columnist for the Wall Street Journal, calls today's gains mostly -hope and froth.- Reporter's Notebook: Mexican President Fox Suffers Election Setback It-s no surprise that Mexican President Vicente Fox and his National Political Action Party lost out in yesterday-s midterm Congressional elections, with the Institutional Revolutionary Party increasing its numbers at the expense of the PAN. Political insiders were surprised by the leftist Democratic Revolution Party, which may have doubled its seats in Congress. Harris Whitbeck, Mexico City Bureau chief for CNN, interprets the election results.
More of the state-s bills will be going unpaid, and California will be living on borrowed money until the Legislature passes a budget. Last night, in a rare Sunday session, Republicans detailed the cuts they say could make up California-s $38 billion budget deficit without new taxes, but Democrats said it would leave poor people -dying in the streets- and slapped it down 45-to-27. Then, everybody went home for a good night-s sleep. Today, the Legislature is no closer to solving California-s massive budget crisis. We get the specifics on what Republicans want to cut, from Assemblyman John Campbell of Irvine, and who the Democrats want to tax, from Assemblywoman Jackie Goldberg of Los Angeles.
  • Making News: Markets Post Big Gains
    It was an up day on Wall Street today, with a big jump in technology shares. The Nasdaq closed at its highest level in 14 months, with gains in the semi-conductor industry, that suggest demand for tech gear is finally picking up. The Dow is up too, in what is the biggest and longest-lasting gain since last October-s low. E.S. Browing, stock market columnist for the Wall Street Journal, calls today's gains mostly -hope and froth.-
  • Reporter's Notebook: Mexican President Fox Suffers Election Setback
    It-s no surprise that Mexican President Vicente Fox and his National Political Action Party lost out in yesterday-s midterm Congressional elections, with the Institutional Revolutionary Party increasing its numbers at the expense of the PAN. Political insiders were surprised by the leftist Democratic Revolution Party, which may have doubled its seats in Congress. Harris Whitbeck, Mexico City Bureau chief for CNN, interprets the election results.

Dow Jones Index

Nasdaq Composite Index

Standard & Poor's

California budget

UCLA Anderson Forecast on dealing with the state budget crisis

Presidency of Mexico

National Action Party (PAN)

Instituional Revolutionary Party (PRI)

Democratic Revolution Party (PRD)

Credits

Host:

Warren Olney

Producer:

Frances Anderton