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Gov. Gray Davis has asked the committee scraping to fill a $23.6 billion budget hole to find $1 billion more -- with cuts or tax increases -- to boost emergency reserves and protect California's credit.
Now, after two full weeks of meetings, the Conference Committee on the Budget must decide how to come up with about $5.5 billion. That includes $1 billion reserve, about $1 billion in additions the panel has made to the budget and roughly $3.5 billion in car and cigarette tax increases proposed by Davis last month.
"From this day forward, that's what our conversations will be about," said committee chairman Sen. Steve Peace, D-El Cajon.
Good luck Peace! We know your scheme is to raise taxes and raise more taxes to try and look good on Wall Street.
Tough luck Peace and Davis, the bond buyers of Wall Street know what you fascists have been doing to this state for the past 15 plus months. They don't read the Bravo Sierra in the LA Times, Sac Bee and SF Chronicle and say what a good governor Davis is. They see Davis in the same light they see the Banana Republics south of the border.
Davis asked for the additional rainy day funds to help the state persuade Wall Street investors and credit rating agencies that California can pay back its loans and sell bonds.
Specifically, the state must prove it will be able to repay an $8 billion short-term loan -- called a revenue anticipation note -- that state Controller Kathleen Connell said is necessary to help the state pay its bills this summer.
Can't you just see the picture of Davis working the back streets/alleys of Wall Street with a slimey dirty raincoat going "Psst Buddy, want some really great discounts on some Kali bonds!" Then he flashes the third world junk bunks as he quickly opens and closes his grimy raincoat.
Psst Gray, the answer for these junk bonds are the lefties in charge at Cal Pers!
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calgov2002: for old calgov2002 articles. calgov2002: for new calgov2002 articles. Other Bump Lists at: Free Republic Bump List Register |
FYI similar but less covered situation here in Iowa. DemocRAT Gov. Vilsac somehow turned a $20 million surplus into a $40 million defecit. Pissing away money is just a way of life on the left.
California should go to the IMF and ask for bailout money. Because the State is such a high risk they'll demand a hefty interest rate that drives us into default and down the perpetual thurd whirled debt loop.
We'll owe so much money...
even Mexico won't want us!!!
I tell you, I'm so dangid brillyunt even I cain't stands the glare when I looks in a mere-err.
Translation: Wall Street investors told Davis that there was no way in hell that they would be loaning California any money unless it got it's fiscal house in order.
