Economy Jul 17

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States Plagued by Fiscal Problems, Pension Payments

Grim findings from a task force come amid further setbacks to the nation's economic health. Jeffrey Brown discusses eroding revenues, state budget cuts and steep pension obligations with former New York Lt. Gov. Richard Ravitch, the report's co-chair, and Susan…

California's budget crisis has turned another page. Gov. Arnold Schwarzenegger declared another budget emergency and called a special legislative session Friday morning, announcing a spending plan that would cut pay for state workers, slash services and seek help from…

As governors and state legislatures examine the economic stimulus bill President Obama plans to sign Tuesday, they are assessing whether it could help them avoid raising taxes, cutting jobs or scaling back programs to close growing budget deficits.