On the back of the many state budget cuts that were imposed about 6 months back, nearly 3 million California residents lost their health benefits or access to any health care and additional thousands ended up losing their jobs, as per figures shared by a report released on Thursday.

A large-scale plan is to be undertaken for major budget and tax reforms this year by California Governor Arnold Schwarzenegger, which he says will give his state a more strong and reliable source of revenue.

The latest public records show that a federal tax lien against Gov. Arnold Schwarzenegger has been filed by the Internal Revenue Service for nearly $80,000.

On Sunday, Donald Fisher, who co-founded Gap Inc with his wife Doris forty years ago, passed away at 81, after fighting a long battle with cancer.

California Governor Arnold Schwarzenegger, the husband of the niece of Senator Edward Kennedy who died late Tuesday, called Kennedy "a man of great faith and character" and noted his dedication to reform of the health insurance system.

With Controller John Chiang announcing Thursday that California will stop issuing IOUs, or registered warrants, by September 4, taxpayers, local governments and businesses can finally heave a sigh of relief - they would not have to bear the burden of the economically distraught state's debt by accepting paper promises instead of cash!

The leader of the California Senate, Darrell Steinberg said Friday he would sue Governor Arnold Schwarzenegger for exercising vetoes to hack about $500 million in spending for social service programs.

Speaking on the topic, Darrell Steinberg said, "We elected a governor, not an emperor."

The unexpected resumption of negotiations between the Gov. Arnold Schwarzenegger and legislative leaders, on Saturday, might just see the much-required compromise come through, for ending California's fiscal calamity by addressing the $26 billion budget deficit.

As California's fiscal crisis continues, Arnold Schwarzenegger and legislative leaders reported that their productive negotiations over the issue would bring in a breakthrough to the budget deadlock.

It should be noted that California is still facing a budget deficit worth $26.3 billion.

Sacramento - He rode in like a genuine action hero in 2003, promising to rid California's largest state of cronyism and financial crisis.