The city treasurer’s office wants to take action on California’s budget crisis by buying $10 million in IOUs that were distributed to local residents and businesses by the state government. The phone calls are already pouring in: City Treasurer Russell Fehr on Monday said he received requests from local businesses and non-profits for the city to buy $2.5 million in IOUs. Fehr, who is presenting his proposal to the City Council Tuesday, told The Sacramento Press that the plan aims to help residents and businesses that may be facing financial problems because the state paid them with IOUs that cannot be redeemed for months. And, the city might be able to make a little money from the propose

It seems everyone is talking about it. Sacramento still has no budget, and the cost of inaction alone is steadily approaching half a billion dollars. It's big news, with blame being cast on both sides. In a prime example of the definition of partisanship, our elected leaders can't seem to make up their minds. Granted, the decisions to be made are tough - stemming from a stagnant economy. But this in of itself isn't the big picture. It doesn't even address the crux of the issue. The entire argument and subsequent cost seems to entirely overlook the Elephant in the Room. When I think about what goes on behind closed doors in the Capitol, I picture a frenzy of men and women in suits, fighti

California voters nixed propositions Tuesday intended to ease the state’s budget problems, which Gov. Arnold Schwarzenegger's spokesman, Aaron McClear, said Wednesday means that the state’s deficit of $15 billion has jumped to $21 billion. Now local governments, including Sacramento's, are worried the state will try to take their funds. Wednesday, Schwarzenegger's office confirmed the Sacramento government's fears: Last week's proposal by Schwarzenegger to borrow $2 billion from local governments is still on the table. Mayor Kevin Johnson is sounding the alarm, saying that Sacramento will be hurt by the failure of the propositions. The city is already dealing with a projected $50 million