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Gov. Arnold Schwarzenegger on Thursday proposed $4.4 billion in new taxes and a similar amount in spending cuts to deal with California's worsening fiscal crisis, saying, "We must stop the bleeding."

Gov. Arnold Schwarzenegger has proposed $4.4 billion in tax increases and billions more in spending cuts to close a worsening state budget deficit, declaring: "We must stop the bleeding."

NEW YORK : Individual primary-dealer banks can now borrow as much as $4 billion in securities from the Federal Reserve, up from the previous limit of $3 billion, the central bank said on its Web site Tuesday.

Federal regulators say U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans.