State Sen. Tom McClintock, a fiscally conservative Northridge Republican running for state controller in November, is so concerned he's calling for an immediate moratorium on long-term borrowing.
"Debt service is rapidly consuming an increasing portion of this and future budgets," says McClintock. "When you've just lost your job, you don't take out a home improvement loan."
McClintock has taken to traveling with what he calls the California Debt Clock.
"We're adding over $1 million in new debt per hour, and that's all money that will be tacked onto your future taxes unless we restore sound fiscal management to this state," McClintock says.
"The debt clock helps us communicate to fellow Californians that we need to eliminate the waste and out-of-control spending that's driving up our debt and fueling the call for more taxes," he says.