What offshore oil production? And there's more out there for the taking. For that matter, there's more inland to pump as well.
Posted on 11/05/2008 3:58:10 PM PST by NormsRevenge
California faces a massive deficit even higher than projected in recent weeks - $11.2 billion this fiscal year -- Senate President Pro Tem Don Perata said Wednesday.
Without immediate intervention, the nightmare could total an additional $13 billion next fiscal year, according to Perata, citing numbers he said came from the governor's office.
The Oakland Democrat said the budget gap cannot be bridged by cuts alone, and that he supports raising revenues by restoring vehicle license fees and taxing offshore oil production.
Together, the two tax proposals would generate about $7 billion per year - though considerably less in the roughly eight months left in the current fiscal year, according to Perata.
Perata's comments to reporters came one day before Gov. Arnold Schwarzenegger is scheduled to declare a special legislative session to wrestle with issues involving the state's budget and economy.
Perata, asked if the red ink could get even worse, said "I think it will."
(Excerpt) Read more at sacbee.com ...
These liberal fools that are driving Taxifornia into the ground, just keep spending. Now the stupid voters approved a huge train system that we do not have the money to build so that means more borrowing and more debt.
Does Taxifornia have to go bankrupt before something gets done about the runaway spending and taxation???
Wisconsin is on the Super Highway to Financial ruin.
Let them eat more taxes.
I'd say yes but Pelosi, Feinstein, Boxer and the rest would simply tell the Federales to bail the state out, just like the big brokerage houses. I think the whole country's going to have to tank before reality sets in.
Spending is an addiction ,, this is only a bond for 10 billion.. other partners in sharing the first 40 billion in investment in building this thing would have to include fed gubamint and likely foreign investor interests and who knows who else.. buffett, gates?
It’s crazy and Yup likely it’ll take an insolvency to maybe get some folks to wake up finally to fiscal madness unreined. Technically, the state can’t go bankrupt, altho from a leadership standpoint, they seem pretty morally bankrupt running this banco operation and milking it for all they can. business as usual.
Yep, this country is on the fast track to kill the golden goose. Too bad they can’t see it until it is good and dead. We all better be checking the Color of Our Parachutes cause I think we’re going to need them.
Failed democrat economic policies.
Well, the trouble with our liberal friends is not that they are ignorant, but that they know so much that isn’t so. — RR
Technically, the state can’t go bankrupt, altho from a leadership standpoint, they seem pretty morally bankrupt running this banco operation and milking it for all they can. business as usual.
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Yep, we have not had any “fiscal morality” since Duke Dukemejian (sp?) was governor. I remember those days well in the early 70s when this state was the model for the nation. Boy, are those days very long gone.
So the Dems are no longer against offshore oil drilling?
LOL. Like Santa Claus really exists? Or that a president can also be a fairy godfather? My problem with Dems is that it seems they can never look beyond their own party’s self-interest. They will slam the president during wartime, accuse our servicemen of atrocities, lie about what caused the mortgage meltdown, meet with our enemies, destroy livelihoods—if only it will help them in the next election. I wonder how this country might have turned out different had President Bush had the same mentality?
I always love the “the budget gap cannot be bridged by cuts alone” B.S. that is on its face a lie.
Californians are one of the most taxed citizens of the country, yet the politicians never get enough... They must always take more because their pet projects can’t go on without it...
And the stupid voter votes these people in and just voted for ever more spending through bonds that have to be paid back with money we don’t have. Just stop already...
You mean there's a revenue source as evil as oil that they haven't gone after yet? How'd that happen?
Maybe they should raise the taxes on the last few smokers to $100 per pack..that will get them the revenues they need...//sarc/// Or maybe they will get the price where it will be competitive with cocaine, or better yet, just legalize all drugs and tax the crap out of it.
What offshore oil production? And there's more out there for the taking. For that matter, there's more inland to pump as well.
Yeah there’s oil but by this pix, it’s in Fed land. Don’t think the state can the tax federal property
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