Spotlight: California's Budget Crisis
(2 of 2)
Wrong Move 2003 Facing a $38 billion deficit after the dotcom bubble burst, Governor Gray Davis triples the state's car tax. Incensed voters recall him. Incoming governor Schwarzenegger revokes the increase, which would have raised $4 billion annually
Nice While It Lasted July 12, 2007 The state enjoys its final day in the black
I'll Owe You One July 2, 2009 After a February tax hike and major budget cuts fail to slash its swelling debt, California issues its first round of IOUs. The figure is expected to reach $3 billion by the end of July
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President BARACK OBAMA, at NATO talks involving over 50 world leaders, describing the withdrawal of 130,000 combat troops from Afghanistan, planned for the end of 2014
