County, city cutbacks looming

Faced with the most severe economic conditions in nearly two decades, Los Angeles city and county officials today will unveil budgets that are expected to call for wide-ranging service reductions while also asking residents to pay more to finance government. Daily News.

The budget squeeze comes as property and sales taxes - two of the main revenue sources for local governments - have plummeted to a combined loss that is expected to have a devastating impact.

The last time there was a drop in year-over-year sales tax revenues was in the early 1990s amid the last national recession.