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• Schwarzenegger Likely to Veto Calif. Social Programs

  

  Gov. Arnold Schwarzenegger on Tuesday is expected to use his line-item veto power to make additional cuts to California's latest spending plan—a move advocates fear could further hurt the poor.

• Sign of the Times: Will Sell Homes for Food

  

  More signs of the times we live in. Attached is an image CNBC producer Jeff Daniels snapped near the 710 Freeway in Los Angeles.

• Jobless Checks for Millions Delayed as States Struggle

  Years of state and federal neglect have hobbled the nation’s unemployment system just as a brutal recession has doubled the number of jobless Americans seeking aid, the New York Times reported.

• Arnold's Garage Sale

  

  Governor Arnold Schwarzenegger will hold a "garage sale" next month to sell off state cars and office supplies to raise money for California. The Governor has been Tweeting about the August 28-29 sale, saying he plans to list items on eBay and Craigslist.

• California Budget Plan Includes New Offshore Oil

  

  The deal to close California's $26 billion budget deficit included a plan to drill for offshore oil, drawing allegations that the fiscal crisis was used for a backroom deal following rejection of the idea by state regulators earlier this year.

• Dow Logs 7th Straight Gain; Apple Slides

  A late rally pushed stocks higher Tuesday following better-than-expected earnings from several Dow components. The Dow logged its seventh-straight gain, the Nasdaq, it's tenth.

• How Will You Spend Your Furlough?

  

  I'm sitting in front of the Capitol in Sacramento with Power Lunch anchor Sue Herera. Sue, a California native, is out here to anchor a special report tonight on California's financial melodrama. She remembers her father jumping up and down with joy when Prop 13 passed 31 years ago. Taxpayers are about as angry now as they were then.

• California Governors John and Ken

  

  As Governor Arnold Schwarzenegger and top legislative leaders announce a plan to close the state's $26 billion budget hole without raising taxes, two guys sitting in an LA radio studio are taking credit.

• Stocks Turn Lower as Bernanke Testifies

  The Dow advanced Tuesday as a slew of components beat earnings expectations. But there were pockets of weakness throughout the market, including chips, hardware, banks and retail. The Nasdaq was lower.

• Strong Earnings Boost Dow; CIT Skids

  The Dow bolted out of the gate Tuesday as a slew of components beat earnings expectations. But there were pockets of weakness throughout the market, including chips, hardware, banks and retail. The Nasdaq was lower.

• Futures Turn Higher on Earnings Strength

  Futures indicated a slightly lower open for Wall Street Tuesday ahead of a slew of earnings and Federal Reserve Chairman Ben Bernanke's Capitol Hill testimony.

• Jackson Memorial: Behind The Blue Wall

  

  I am a Los Angeles native who has covered every major story here over two decades. I have never seen so many Los Angeles police officers as I do this morning at the Staples Center.

• California, Other States Face Tough Budget Choices

  

  Legislators in more than a half-dozen states, their revenues evaporating in the recession, frantically worked to stave off government shutdowns and devastating service cuts. California failed to meet a midnight deadline and now may need to issue IOUs instead of paying bills.

• California: Bad For Business, Good For Bonds?

  

  The more turmoil in California, the more attractive its bonds? "Yes," says Jon Schotz, Chief Investment Officer at Saybrook Capital in Santa Monica.