CA democrats caught planning to delay budget

[LunarRay]

Originally posted by: Zebo
Arnold would be a power broker. Hes already weathly so does'nt NEED to be bought, popular, and seems to have very good integrity.

Arnold may... he has few other ambitions... I'd prefer... Jesse Ventura.. type.. I don't really care... who or what party... I want a reality check in the state house... all of state government..

 

[manly]

<sarcasm>Yeah, what we all need is Willie Brown back in the saddle. </sarcasm>

Sadly, he does in fact want John Burton's Senate leadership job.

Californians can indeed stomach a half-percent sales tax increase explicitly enacted to fund a bond to bridge the deficit over 5 years. But even though Wall Street has virtually insisted on the sales tax measure to pay off the bond, the state GOP refuses to deal. Hell, we're going to pay for the direct $20 billion hit to the state fiscal situation due to energy market gaming, and at least double that in indirect costs.* We can all certainly handle one tax increase to finance a bond that everybody agrees upon.

If you're wondering what happens to the bond when the GOP forces a no-new-taxes budget, Wall Street has already said the state will have to jack funds from local government to back any such financing. Either way, you've got to pay to play, but Jim Brulte has stonewalled the entire caucus into an unyielding position.

* For the math-challenged, that's $60 billion.

 

[charrison]

linkage

July 24 (Bloomberg) -- California Senate leaders announced a budget compromise to fill a $38 billion deficit about two hours after the state's credit rating was cut three levels by Standard & Poor's to BBB, the second-lowest investment grade.

I guess that budget delay tactic was a good idea, until they got their credit ratting dropped...