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To: TobagoJack who wrote (64931)7/29/2010 5:48:17 AM
From: elmatador  Respond to of 217556
 
CA declared a state of emergency over the state's finances on Wednesday, raising pressure on lawmakers to negotiate a state budget that is more than a month overdue and will need to close a $19 billion shortfall.

...

Schwarzenegger has said he will only sign a budget agreement if it includes an overhaul of the state's public pension system, which includes the California Public Employees' Retirement System, the biggest U.S. public pension fund, which he says poses one of California's greatest financial challenges going forward.

reuters.com