Skip to comments.Schwarzenegger Campaigns for $15 Billion Bond Measure
Posted on 12/03/2003 5:09:30 PM PST by yonif
Gov. Arnold Schwarzenegger is on the campaign trail again, but this time he is trying to beat a Friday deadline to get his $15 billion bond measure on the March ballot.
Schwarzenegger is telling Democratic lawmakers he wants to negotiate and compromise, but he's also taking the bond measure directly to voters. On Tuesday he campaigned for his budget plan in San Diego.
The governor will spend much of the week on the stump, trying to persuade voters to pressure their lawmakers to put the bond measure on the March ballot. In order for the initiative to appear on the March ballot, the Legislature must vote to authorize it by Friday.
In addition to the bond, Schwarzenegger is proposing a cap on state spending. That was the subject of a brief speech in San Diego "'The Never Again Spending Limit' will be the equivalent of taking the state credit cards away from the politicians, cutting them in half, and throwing them in the garbage can," said Schwarzenegger.
The funds from the bond sale would be used to consolidate and pay off a portion of California's massive debt. However, many legislators are unenthused about the idea of borrowing money to pay down the deficit. Traditionally, bond issues have been primarily used to finance improvements to the state's unfrastructure, such as building schools or roads.
State Treasurer Phil Angelides contends the bond would mortgage the future of California's children without truly ending the on-going budget crisis. He is hitting the road to try to persuade voters to oppose the bond measure. "If it is repaid over a 30-year period, it will cost every California household over $3,000," Angelides said. "It will be paid, ultimately, in higher taxes by our children."
Angelides said California needs to make fundamental structural reforms, not sell bonds, or cap spending, to make real progress on the state's budget crisis.
Strike one, the bond. Strike two, no meaniful spending cuts. Strike three, an SB60 look alike. Hello recall.
Bye, bye Schwarzenegger.
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