AOL.com Video - Pension Crisis in the State of California, USA

VIDEO:People

Pension Crisis in the State of California, USA

Description:For months, California has been a laughingstock state, unable to pass an annual budget, facing a declaration of "fiscal emergency" fighting over pay cuts and furloughs for government employees, threatening to issue IOUs to creditors. With a "framework" budget agreement expected to pass later this week, Reason.tv looks at why this long fight over a bloated budget may be good news for California's future. (6:09)

Source: ReasonTV

Tags: Pension Crisis in the State of California , USA , arnold schwarzenegger , Californias pension crisis