California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today.
The announcement is surprising since lawmakers previously believed the state had enough cash to last through the fiscal year that ends in June.
But Chiang said additional cash management solutions are needed because state tax revenues are $2.6 billion less than what Gov. Jerry Brown and state lawmakers assumed in their optimistic budget last year. Meanwhile, Chiang said, the state is spending $2.6 billion more than state leaders planned on.
via Capitol Alert: Controller: State to run out of cash in March without action.
Retired Lt. Gen. William Boykin was scheduled to deliver a speech at West Point on Feb. 8. But late Monday, the military academy released a statement saying he had decided to withdraw from speaking and would be replaced with another speaker.However, a source close to the controversy told Fox News & Commentary that Boykin was pressured to withdraw.“It was very clear they wanted General Boykin to withdraw,” said the source who asked not to be identified. “He asked them to rescind the invitation, but they were reluctant to do that so he said he would take them off the hook.”
via Muslims, Atheists Pressure Military to Remove Christian Speaker | FOX News & Commentary: Todd Starnes.
Washington -The U.S. Treasury Department boosted its estimate of government losses in the $85 billion auto bailout by $170 million.
In the government’s latest report to Congress this month, the Treasury upped its estimate to $23.77 billion, up from $23.6 billion.
Last fall, the government dramatically boosted its forecast of losses on the rescues of General Motors Co., Chrysler Group LLC and their finance units from $14 billion to $23.6 billion.
Much of the increase in losses is due to the sharp decline of GM’s stock price over the last six months.
via Treasury ups auto bailout loss estimate | The Detroit News | detroitnews.com.
The supposed ‘consensus’ on man-made global warming is facing an inconvenient challenge after the release of new temperature data showing the planet has not warmed for the past 15 years.
Meanwhile, leading climate scientists yesterday told The Mail on Sunday that, after emitting unusually high levels of energy throughout the 20th Century, the sun is now heading towards a ‘grand minimum’ in its output, threatening cold summers, bitter winters and a shortening of the season available for growing food.
Solar output goes through 11-year cycles, with high numbers of sunspots seen at their peak.
via Forget global warming – it’s Cycle 25 we need to worry about (and if NASA scientists are right the Thames will be freezing over again) | Mail Online.
Ener1–a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.
via Electric-Car Firm That Got Biden Visit, $118M in Stimulus, Files for Bankruptcy | CNSnews.com.
How embarrassing this must be for President Obama, whose major speech theme so far this campaign season has been that every single American, no matter how rich, should pay their “fair share” of taxes.
Because how unfair — indeed, un-American — it is for an office worker like, say, Warren Buffet’s secretary to dutifully pay her taxes, while some well-to-do people with better educations and higher incomes end up paying a much smaller tax rate.
Or, worse, skipping their taxes altogether.
via As Obama demands rich Americans pay more in taxes, the IRS reveals 36 Obama aides are far behind in their taxes by Andrew Malcolm – Investors.com.
Warren Buffett’s Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration’s decision to reject TransCanada Corp. (TRP)’s Keystone XL oil pipeline permit.
“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A), said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”
via Buffett’s Burlington Northern Among Winners From Keystone Denial – Bloomberg.