Golden State’s funds fast running out

California, the most populous US state, almost ground to a halt last week before its legislature thrashed out a package of emergency budget cuts in an all-night session.

21st February, 2009

California, the most populous US state, almost ground to a halt last week before its legislature thrashed out a package of emergency budget cuts in an all-night session.

Home to around 37 million people, California is responsible for 13 per cent of the US’s GDP. Were it an independent nation, it would have the seventh largest economy in the world.

But the Golden State had been careering deeper into trouble in recent months as it...

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