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To: FairOpinion
The spending cap to go with the bonds sounds good but in California it's only a matter of time before the cap is gutted just like the last spending cap we had.

What we're left with is an obligation to pay an estimated $30 billion in principal and interest over the life of the bonds.

That doesn't look very attractive when it is estimated that $5 billion in cuts now and freezing spending at that level in the next budget would accomplish the same thing over the lifeftime of a measely two budget years.
11 posted on 12/02/2003 6:14:36 PM PST by concentric circles
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To: concentric circles
And the REALISTIC alternative is......??????
12 posted on 12/02/2003 6:15:50 PM PST by FairOpinion
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