Showing posts with label Threatens. Show all posts
Showing posts with label Threatens. Show all posts

Sunday, September 11, 2011

Illinois Gov. Threatens To Lay Off More Than 1,900 If Lawmakers Don't Approve More Spending

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Illinois Gov. Pat Quinn initiated layoffs for more than 1,900 employees today in an apparent attempt to pressure state lawmakers to approve more state spending in next year's budget. 

The proposed budget cuts set the stage for a major battle between Quinn and the state legislature, which has already passed next year's $33.2 budget. The spending bill was $2.2 billion less than Quinn had wanted.

According to the Chicago Tribune, Quinn is now asking legislators to approve an additional $376 million to "mitigate" the layoffs. He has also proposed closing seven state facilities, including three mental hospitals and a state prison.

If the funds aren't freed up, Quinn said, the cuts will be needed to avoid a partial state government shutdown.

Quinn's proposal has already come under fire from Illinois' largest public employee union, which claims the governor is violating his election-year pledge to not layoff any state workers until June 2012. The union is already taking legal action against Quinn's administration for its July decision to cancel contractually-promised raises for 30,000 state workers.

State governments have shed thousands of jobs since the beginning of the recession as they struggle to deal with declining revenues and mounting deficits. In 2012 alone, states faced a combined $86 billion in budget deficits, according to newly released data from the Pew Center. 

But Illinois is in particularly dire financial straits, despite huge increases in the state's personal and corporate income taxes this year. The state owes $4 billion to state contractors and vendors, and was forced to borrow $3.7 billion to make its annual pension payment.

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Saturday, August 27, 2011

NYSE Plans To Ring The Opening Bell Monday Even As Irene Threatens New York

For Wall Street, it's business as usual.

The New York Stock Exchange is planning to open on Monday even as hurricane Irene charges up the eastern seaboard toward New York.

"Our plan is to ring that bell Monday morning at 9:30," Lou Pastina, the head of floor operations for the NYSE told CNBC.

As part of the NYSE's contingency plan, Pastina said some traders and people at member firms have already booked hotel rooms.
He also said the NYSE has generators for power if necessary. 

What's more is if there is a delay, the NYSE also has electronic exchanges such as Arca so trading can take still take place.  

Yesterday mayor Michael Bloomberg issued the first mandatory evacuation in the city's history for low-lying areas prone to storm surge and flooding. 

Those in what has been designated as zone A will have to evacuate by 5 p.m. ET on Saturday. 

The NYSE is not in zone A, but banks such as Goldman Sachs on 200 West St. and Citigroup's TriBeCa offices on 388 Greenwich St. are located in the evacuation zone.  Firms such as Nomura Securities, Merrill Lynch Wealth Management and RBC Capital Markets are also in Zone A.

Public transportation might also be an issue for those trying to commute to the city.

The MTA also announced buses, subways, Long Island Railroad and Metro-North will cease operations Saturday at noon.


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