AROUND THE STATE

Crist, lawmakers work to fill $2.3 billion budget deficit

Gov. Charlie Crist announced Jan. 13 he could veto some aspects of the budget deficit-elimination package lawmakers are scheduled to for Jan. 14.

The joint legislation between the House and the Senate will attempt to plug at least a $2.3 billion hole in the budget. But the legislation includes a cushion of $2.8 billion in case of a further revenue shortfall before the budget year ends June 30.

Revenue collections for December were $100 million short of the $2.3 billion deficit figure state economists forecast in November, but Crist said the package would keep the state in the black by at least $300 million.

AROUND THE NATION

U.S. government tackles banking, financial concerns

President George Bush requested the remaining $350 billion of the original $700 billion Troubled Asset Relief Program funding at the behest of President-elect Barack Obama Jan. 12, renewing a political fight over the program as U.S. banks are set to report their worst quarterly results in years.

Bush’s request was amidst the mounting concerns about U.S. Lenders who have already received an unprecedented infusion of liquidity from government funds.

However, bank and finance corporations’ shares fell drastically Jan. 11 due to news that Citigroup Inc. will likely to report a larger-than-expected operating loss of $10 billion for the October-to-December quarter.

AROUND THE WORLD

India haults talks with Pakistn about Sir Creek dispute

India stopped border talks over the long-standing dispute with Pakistan about Sir Creek, which divided the two nations in the Arabian sea after the Mumbai attacks.

The renewed dispute between the two nations stems from its role in the Mumbai terrorist attacks, which killed 171 people late last November. The Sir Creek area is where 10 hijackers, who set sail from Karachi, Pakistan, hijacked an Indian fishing boat, which provided them with the cover to reach Mumbai undetected.

In the wake of the Mumbai attacks, India accused Pakistan of aiding the terrorists while rhetoric between the two countries have become increasingly heated.

Compiled by James Cannon II.