California governor Arnold Schwarzenegger has declared a fiscal state of emergency, putting pressure on lawmakers to pass a state budget that is now more than a month overdue. California's economy, which is the eighth largest in the world, faces a budget deficit of $19bn (£12bn). Mr Schwarzenegger said that without a budget in place the state's government would run out of cash by October. He also ordered most state employees to take three days unpaid leave a month. Earlier this month, the governor ordered 200,000 state workers to be paid the minimum wage because no budget had been passed.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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