Calif. Senate Rejects Cash-Saving Proposal
Sacramento
California's financial picture darkened Thursday after Senate Republicans blocked a legislative attempt to avoid having the state issue IOUs through a complicated cash-saving maneuver.
The move would have temporarily cut and delayed billions in education funding, raising concerns among officials that it could further strain K-12 and university finances.
The Legislature scheduled a third day of meetings Friday, but Democratic and Republican lawmakers remained at odds over how to solve the state's $24.3 billion shortfall, less than a week before the beginning of...
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