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!
Hope the "Vice Squad" is on-duty.