From Tinseltown to Thousand Oaks, California has been crushed by the financial crisis. The state has the nation's second-highest foreclosure rate, near-double digit unemployment and the country's lowest bond rating. The state's economy has teetered on the brink of total collapse for weeks.
Facing a $42 billion deficit, Gov. Arnold Schwarzenegger sent state workers home unpaid and stopped income tax refunds.
Lawmakers finally reached a compromise Thursday morning but only after being locked...Full Story