skippy the bush kangaroo

Tuesday, November 06, 2007

bubble bubble housing trouble

is going to cause some pain.
gov. arnold schwarzenegger on monday ordered all state departments to draft plans for deep spending cuts after receiving word that california's budget is plunging further into the red -- largely because of the troubled housing market.

..economists warn that the administration should prepare for more bad news.

"we are among a handful of states that has a lot of exposure to the housing crash," said ted gibson, a former state economist. property taxes, income taxes and sales taxes are all off as a result. - sfgate

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posted by Cookie Jill at 8:00 AM |

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