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Keyword: runawaydebt

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  • California: State government diving deeper into debt. Need to "cut up our credit cards."

    07/01/2002 9:10:43 AM PDT · by John Jorsett · 58 replies · 1,259+ views
    Oakland Tribune ^ | July 1, 2002 | Steve Geissinger
    SACRAMENTO -- California's top officials are leading what critics call an unprecedented expansion and reshaping of the role bonds play in government finance, urging taxpayers to plunge tens of billions of dollars deeper in long-term debt for an array of needs. In one of two major new strategies that are alarming critics, state and local officials are urging voters to pass bonds in historic proportions for infrastructure work, tapping the state's remaining capacity for borrowing as the last easy source of cash. Three statewide bonds totaling more than $18.5 billion will be on the November ballot, along with numerous locally...