please welcome commissioner who claudine at chiang -- commissioner claudine chang. >> [speaking chinese] at the beginning of every year, whether chinese new year begins in january or february, the city and county sets a great example for the other major cities in this country in the way we celebrate lunar new year, and especially with the leadership of all the members and supporters and volunteers of the chinese chamber of commerce. we have seen so many years of the street fairs, the parades' that attract a quarter million people. we really have set an example for the rest of the country. i want to congratulate everyone for their hard work. i look forward to seeing everybody this saturday at the parade. taking an example of the lunar utah -- lunar new year and how celebrate it, we talked about it lunar new year and chinese new year as the same period that are pretty much the same, but lunar new year is celebrated by many groups within the asian american community, including korean- americans, vietnamese americans, and many others. we want to celebrate the chinese new year every year, bu

---asi lo dio a conocer el contralor del estado john chiang quien ha recomendado retrasar algunos pagos problema de falta de dinero... ---california se encuentra corto en su presupuesto y los legisladores deberan buscar unos 3mil 300 millones de dolares para lograr salir del problema momentaneame nte. cu ---la ciudad de walnut creek pondra a patrullar mas agentes de policia en la zona donde hay centros nocturnos y que por lo general se desarrollan peleas a altas horas de la noche... take vo ---muchos de estos agentes estaran trabajando de forma encubierta y se haran presentes en bares y discotecas... los dias jueves ... viernes y sabados... informo el jefe de la policia joel bryden... ---el fin de semana pasado nueve personas fueron arrestadas luego de protagonizar peleas a las afueras de centros nocturnos. cu - bump out ---nos vamos a nuestra primera pausa comercial, pero mas adelante... take vo ---enterese que parte del proyecto del puente de la bahia podria tardarse mas de lo previsto... take vo ---ademas, la unidad hizo la fuerza para cientos de habitantes de dos vecindarios de san

. >>> the state controller has a message, in a letter, john chiang, says the state will run out of cash by early march if the state does not borrow more money and delay some payments. the legislature must come up with 3.3 billion. otherwise the state may have to issue ious or possibly delay tax refunds. >>> it was a great january for stocks. the best wall street has seen in 15 years. this month is also off to a good start. u.s. stocks are up today after solid manufacturing data came in from china and europe first and then new reports showed u.s. factories raised their output in january at the fastest pace in seven months. >> the report bolsters other data. the dew is currently up 17shsh the dow is currently up 127. the nasdaq is up 37. the s&p is up 15. checking the numbers right now, apple is up 4 cents, that coupled with a recent drop in exxon stock has made apple the most valuable u.s. corporation. apple and exxon have been jockeying for that title for nearly six months now. >>> will investors like facebook? that's the $10 billion question today. kristin -- kristin kafton is live --

chiang kai-shek made it, madam chian made the team. mao tse-tung never made person of the year. when "time" decided to acknowledge the american woman in 1975, they had some significant people, billie jean king and others, but they somehow in their list of folks on the cover or pictures of people on the cover overlooked betty fredan and gloria steinem. this is a pretty establishment, up east sort of people. and so i wonder about nominating someone. the person i'm going to nominate, however, achieved probably the first thing he did in 1862 of great consequence was to frame some legislation that transformed a modern industrial nation, would-be industrial, would-be nation into a modern nation. framed in legislation. this person also near the end of 1862 laid some claim to be a significant emancipator of slaves. and so the person i'm nominating, you all have figured out by now, this creator of a modern nation, this emancipator of slaves, was robert edward lee. pause for applause. okay. let me suggest some of the context here in which lee functioned. because through the first year of

the state controller john chiang says the state could go $700 million in the hole by march 1 becauseevenue is $2.5 million below projections and spending of course is up a half billion dollars more than planned. now, the state runs out of money it will issue ious to vendors. chiang is asking the legislature to take quick action. >>> mitt romney scored a decisive victory in the florida last night earning 46% of the votes. newt gingrich finished second at 32%. rick santorum and ron paul were both under 15%. florida happens to be a winner take all primary so romney is getting all 50 delegates in the nation's fourth largest state. his victory speech was forward- looking focused on criticizing president obama. exit polls are also showing that romney really strong support from women voters in the sunshine state and spoke with charlie rose today on "cbs this morning." >> well, i think the debates had the biggest impact. if you look at the response of people here in florida, over the last 10 days the debates really changed the discourse here. people are very, very concerned about the economy

in a letter to lawmakers, controller john chiang says the state will ton out of cash by early march.if the state does not borrow more money. the legislature has to come up with $3.9 billion. >>> 7:467. in hercules, a reaction about an incident involving a 6-year- old boy that led to him being suspended and allegations of sexual assault. claudine wong is in our newsroom now with more on the details and the controversy surrounding it. >> reporter: well, this incident involves two first- graders at lupine amendmentry school. the tee lay was it a case of -- that's lu account pine amendment school. this incident allegedly happened back in december. according to the new york times, it was school rough busing. and the prinsd pal -- and. principal suspended and the boy was transferred to another school. the question this morning is was the prin pal responsibility -- was the principal responsible for this? i just checked the california department of education website. it all tee pends on how you perceive what happened otten the play ground. if you -- in this kay, according to the -- case, acc

john chiang (chung) said the state could be >>> 8:5. of california may run out of cash by march. john chiang said the state could be $730 million in the hole because revenues are down $2.5 billion below projections. if the state runs out of money it will start issuing ious to vendors. >>> biggest social network in the world is expected to file for its initial public offering today. it would be facebook. they may raise $10 billion with the offering. that would beat google's record as the largest tech ipo ever. >>> and another economic boost for silicon valley is a new proposal to bring more jobs to the city of san jose. city leaders agree to lower construction taxes and traffic impact fees with the hope of stimulating a little development down in the south bay. traffic and weather coming up on this wednesday right after this. >>> good morning. we have a new accident now in the macarthur maze. westbound 24 right before 580 it is blocking lanes and it is causing some slower speeds through oakland. so watch out for that. the metering lights

. >> we think it's ironic that the census bureau release these figures on the same day that john chiang announces we are going to be running out of cash in march. we see connection between the facts. >> reporter: government workers we talked to say they are worth every penny. >> i'm worth that. >> my first three years i didn't make everything but i have a degree but i'm promoted from within and so i'm definitely not making that. >> reporter: california ranges near the bottom per capita of government workers. mike laurie, cbs 5. >>> san francisco police want to make an example out of four men accused of using a pellet gun in a robbery spree. ann notarangelo on how police station say the suspects would rob their victims. >> reporter: four men in custody are responsible for a string of robberies in san francisco according to police and that there's a lesson in this for all of us. >> the crime itself is very serious. it's a series of robberies that, you know, shows a real utter disrespect for people. >> reporter: police say this is some of the evidence they have against four men accused of

that's the conclusion of controller john chiang. he sent the bad news to state lawmakers yesterday.gh cash to last through the fiscal year that ends in june. chiang's letter says state tax revenues are $2.6 billion less than what governor jerry brown and state lawmakers assumed in their budget last year. phillip: also in sacramento, the assembly has passed legislation that would ask voters to pass the three strike law, it would require a third strike to o'clock for -- to be for something serious or felonies. the bill is supported largely by democrats but passed with the bear majority needed to be sent to the senate. the republicans say the bill was watered down by a law in 1994. leslie: ri side county has reached an agreement with a contract with its largest labor union, it represents 7000 employees and the contract will save the county about $60 million. but, labor strikes continue. members of the seiu local 27 staged a one day strike yesterday. about 1000 riverside county employees including nurses walked off the job. they are expected back at work this morning. the workers are wa