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Keyword: budgetcrisis

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  • California urged to return $331 million meant for homeowners siphoned for budget crisis

    07/13/2015 2:08:07 PM PDT · by SeekAndFind · 13 replies
    SF Gate ^ | 07/13/2015 | Judy Lin
    SACRAMENTO, Calif. (AP) — Several California lawmakers and community assistance groups are calling on Gov. Jerry Brown to repay more than $331 million in funds intended to help homeowners struggling with foreclosures that the state siphoned off to help deal with its budget crisis. A Sacramento County judge found that the governor and state Legislature unlawfully diverted most of a fund that was part of a $25 billion settlement between five major banks and nearly every state in 2012. Brown's attorneys argued the state had the discretion to use that money in the state budget. But the judge sided with...
  • Bad Math and a Coming Nationwide Public Pension Crisis

    07/09/2015 5:27:25 AM PDT · by SeekAndFind · 22 replies
    New York Times ^ | 07/09/2015 | By MARY WILLIAMS WALSH
    When Jim Palermo was serving as a trustee of the village of La Grange, Ill., he noticed something peculiar about the local police officers and firefighters. They were not going to live as long as might be expected, at least according to pension tables. After Mr. Palermo dug into the numbers, he found that the actuary — the person who advises pension plan trustees about how much money to set aside — was using a mortality table from 1971 that showed La Grange’s roughly 100 police officers and firefighters were expected to die, on average, before reaching 75, compared with...
  • Top Lapid Confidante Warns of Early Elections Over Budget Crisis

    09/13/2014 3:43:22 PM PDT · by Eleutheria5
    Arutz Sheva ^ | 13/9/14 | Benny Moshe
    MK Ofer Shelah (Yesh Atid) on Saturday said that Prime Minister Binyamin Netanyahu's handling of the new budget proposed by Finance Minister Yair Lapid could cause the government coalition to collapse. "Netanyahu is turning the issue of the budget into a showdown with the Finance Minister, which may lead to new elections in the near future," Shelah, who is a close confidante of Lapid said at the weekly "Shabbatarbut" event in Tel Aviv. The PM has been at loggerheads with Lapid over the new budget proposals, causing political gridlock; last Wednesday's budget meeting was pushed off to this coming Sunday...
  • Budget crisis has its roots in erosion of values

    10/14/2013 4:06:58 PM PDT · by ReformationFan · 6 replies
    One News Now ^ | 10-14-13 | Star Parker
    We ought to think about the cultural roots of the budget crisis in Washington. The political left says the shutdown is all about an ideological tantrum of a handful of Republicans. Certainly, tea partiers have an ideology and vision about what ground rules would produce a more prosperous, freer and fairer America. But let's be honest. The gentleman in the White House, our president, is as hard core in his ideological dispositions as any tea partier. Each side believes America would be better off if it were run according to their vision. What's the crucial difference? As a tea partier,...
  • 'U.S. Aid to Israel No Longer Sacred'

    04/03/2012 6:24:51 AM PDT · by lbryce · 9 replies ^ | April 2, 2012 | Staff Writers
    Israeli Prime Minister Binyamin Netanyahu has warned Israelis his government needs higher taxes to help pay for anti-missile defense, though he's no doubt counting on U.S. military aid to help him out. But as the United States has to tighten its own belt and cut defense spending by up to $600 billion, Globes business daily commentator Ran Dagoni cautioned: "U.S. aid to Israel is longer sacred. "U.S military aid to Israel is no longer a fixed point in relations between the two countries. "The threat to American aid to Israel (and in fact to every other foreign aid plan) is,...

    07/28/2011 4:30:23 PM PDT · by Jeff Head · 33 replies · 1+ views
    JEFFHEAD.COM ^ | July 28, 2011 | Jeff Head
    Senator Crapo, Senator Risch, Representative Labrador, July 28, 2011 RE: The budgetary/financial crisis CC: Representative Simpson I’m sending this letter to my elected representatives of Idaho at the National level. First, I am a 55 year old man who has worked my whole life. I have owned my own businesses and worked in industry for over 35 years, as an individual contributor up to Directing large operations for private companies in organizations of over 150 people and controlling revenue streams of over 250 million dollars, and as a business owner. I tell you this to let you know that...
  • Robert Reich: Don't Fall For GOP Lie: There's No Budget Crisis; There's A Job & Growth Crisis

    07/28/2011 2:36:47 PM PDT · by SeekAndFind · 21 replies
    Business Insider ^ | 07/28/2011 | Robert Reichhhhhhhhh
    A friend who’s been watching the absurd machinations in Congress asked me “what happens if we don’t solve the budget crisis and we run out of money to pay the nation’s bills?” It was only then I realized how effective Republicans lies have been. That we’re calling it a “budget crisis” and worrying that if we don’t “solve” it we can’t pay our nation’s bills is testament to how successful Republicans have been distorting the truth. The federal budget deficit has no economic relationship to the debt limit. Republicans have linked the two, and the Administration has played along, but...
  • Pushing for a Return to the Gold Standard

    06/05/2011 9:20:08 PM PDT · by lbryce · 24 replies
    LA Times ^ | June 3, 2011 | Nathaniel Popper
    The idea to make the precious metal legal tender has gained currency in more than a dozen state capitals, aided by Tea Party support and other efforts to rein in federal power. Economists say the plan would be disastrous. Mike Pitts is no economist, but that hasn't kept the retired small-town cop from taking a prominent role in a quixotic campaign to push the U.S. monetary system back to another century. Pitts, a South Carolina statehouse representative, introduced a bill in April that would make gold and silver coins legal tender in the state. Similar efforts are underway in more...
  • Moment of Clarity: Madison Wild Wings

    03/04/2011 4:08:53 PM PST · by afraidfortherepublic · 13 replies
    Moment of Clarity ^ | 2-28-11 | Tim Nerenz
    In a response to my piece entitled, “Taxeaters”, a reader who favored progressive income taxation posed this question back to me: why shouldn’t the top 50% of income earners pay 96% of the taxes? My answer: for the same reason that they shouldn’t have to pick up 96% of the state’s collective bar tab. All knowledge builds upon what you know. That evening, I pondered his question some more and was inspired while enjoying a pub meal that Michelle Obama would ban if she could. And here is the problem with progressive income tax theory played out a fictional place...
  • WI Gov.-elect Scott Walker to inherit projected $3.3 billion budget deficit

    02/19/2011 4:19:25 PM PST · by Republican Wildcat · 25 replies
    Madison Examiner ^ | 11/24/2010 | Paul Neuberger
    Wisconsin Gov.-elect Scott Walker was the recipient of the unwelcome news that he will be inheriting a projected budget deficit as high as $3.3 billion over the next two years. Last week, the Wisconsin Department of Administration (DOA) published a report announcing there would be a $1.5 billion gap between state revenue and state spending through June 30, 2013. It appears that the news is much grimmer than that, however. Continue reading on WI Gov.-elect Scott Walker to inherit projected $3.3 billion budget deficit - Madison Political Buzz |
  • Jerry Brown bans official California state trinkets

    02/19/2011 12:31:41 PM PST · by TigerLikesRooster · 16 replies
    CNN Money ^ | 02/18/11 | Annalyn Censky
    Jerry Brown bans official California state trinkets Ironically, some of the $7.5 million in official state giveaways implore Californians not to be wasteful. By Annalyn Censky, staff reporterFebruary 18, 2011: 4:44 PM ET NEW YORK (CNNMoney) -- California Governor Jerry Brown is getting serious about his state's $25 billion shortfall. He has frozen state hiring, cut official cell phone use, and now, he's cracking down on coffee mugs and key chains. In his latest push to close his state's staggering deficit, Brown has forbidden all state agencies from wasting tax dollars on freebie trinkets like hats and cups.
  • L.A. Times Column: What California should learn from the Texas budget crisis

    02/09/2011 7:20:19 AM PST · by SeekAndFind · 23 replies
    Los Angeles Times ^ | 02/09/2011 | Michael Hiltzik
    The so-called Texas Miracle is in trouble, demonstrating that fashioning fiscal policies strictly along low-tax lines doesn't protect you from budget deficits or business slumps or make your residents necessarily happy or healthy. Billions of dollars in government red ink. Classroom spending near the bottom of national rankings and heading down. Desperate appeals to Uncle Sam for emergency funds to stave off cuts to the poor and elderly. All this points to the obvious question: What's the matter with Texas? Texas? Yes, the so-called Texas Miracle is in trouble. Unemployment soared and state tax revenue came in sharply below estimates...
  • There's One Huge State Budget Crisis That Everyone Is Refusing To Talk About (Guess which one)

    01/03/2011 12:07:35 PM PST · by SeekAndFind · 27 replies
    Business Insider ^ | 01/03/2010 | Joe Weisenthal and Gus Lubin
    You know the story and you know the names: states like Illinois, New Jersey, New York, and California are supposed to be in huge financial trouble thanks to bloated governments, business-unfriendly regulations, and strong public sector unions. After a crisis-free 2010, investors are expected to punish these hotbeds of bad governance in a muni bond market rout, at least if pundits like Meredith Whitney are correct. But there's one state, which is fairly high up on the list of troubled states that nobody is talking about, and there's a reason for it. The state is Texas. This month the state's...
  • CA Court halts sale of state assets to close budget gap

    12/15/2010 9:37:19 AM PST · by JoeA · 8 replies ^ | 12/15/2010 | Joe Alfieri
    With a growing state deficit and an unbalanced budget, the state of California decided to hold a going out of business sale, and unload some of its inventory of real estate in order to narrow the distance between the state’s appetite for spending and financial reality. Governor Schwarzenegger, in a rare display of free market thinking and political fortitude, asked the legislature for the authority to sell some of its assets, in an attempt to balance the state’s budget, as is required by its constitution. In an extraordinary moment of lucidity, the legislature agreed, whereupon Arnold directed the state’s Department...
  • The Economic Reality of the California Budget Crisis (Revenues vs Expenditures)

    11/30/2010 7:13:57 AM PST · by SeekAndFind · 10 replies
    California is a very large room, and perhaps that is why the state’s political machine has so long been able to ignore the multi-billion dollar elephant that is the state budget shortfall. But there comes a point where the size of the room is irrelevant. Where evasion is not only impermissible, but impossible. Where the only alternatives are fundamentally reworking long-standing policies—and being crushed under the weight of the beast. The current budget crisis is proof that California has reached that point. California’s financial situation is dire. According to the Legislative Analyst Office (LAO), the state faces a $20.7 billion...
  • California Just Passed One Law To Fix Its Yearly Budget Crisis, And Two Laws To Make It Worse

    11/05/2010 7:15:47 AM PDT · by SeekAndFind · 13 replies
    Business Insider ^ | 11/05/2010 | Gus Lubin
    Prop 19 went down in smoke, but the world's fifth biggest economy passed three propositions that address its yearly budget crisis. One makes it better and two make it worse, according to Bond Buyer. First, California voters passed Prop 25 to allow the legislature to pass a state budget without a 2/3 supermajority. This was the main obstacle to passing a budget this year for over 100 days past due. Arkansas and Rhode Island are the only states that still require a supermajority to pass the budget, and Rhode Island is another fiscal disaster. Second, California voters passed Prop 26...
  • California Budget Crisis: No Toilet Paper In State Parks

    10/02/2010 2:12:56 PM PDT · by SeekAndFind · 31 replies
    RightPundits ^ | 10/02/2010 | Shannon Bell
    Could someone please pass the toilet paper, perhaps from another state or something? California’s epic budget battle has really taken a toll, maybe even greater than first thought. California State Parks are going to have to go without toilet paper. So that means that you will have to go without toilet paper if you’re visiting one of the more rural state parks in the golden state. California’s budget battle has been going on for nearly 3 months with neither side willing to give an inch. Forget about all the IOU’s and not being able to pay vendors for services rendered...
  • City bond rating downgraded ( Chicago )

    08/05/2010 6:37:28 PM PDT · by george76 · 6 replies
    Chicago Sun-Times. ^ | August 5, 2010 | FRAN SPIELMAN
    Struggling through its worst-ever budget crisis, Chicago has suffered the first in what could be a series of body blows: a downgrade in the all-important bond-rating that determines city borrowing costs. Citing a record, $654.7 million budget shortfall and Mayor Daley’s “accelerated use of reserves to balance operations,” Fitch Ratings has reduced its rating on $6.8 billion in outstanding general obligation bonds from AA-plus to AA. The ratings outlook is negative. the ticking time bomb created by $14.57 billion in city pension liabilities.
  • CalPERS puts hold on Bell officials' pensions

    08/01/2010 10:27:04 AM PDT · by george76 · 11 replies
    Sacramento Business Times ^ | July 30, 2010 | Mark Anderson
    The California Public Employees’ Retirement System is putting an administrative hold on the pensions of the former executives of the city of Bell, whose outrageous pay forced them to resign ... Bell’s high salaries and pension benefits spurred an investigation by California Attorney General Jerry Brown and CalPERS ... After the salaries were printed in the Los Angeles Times, public outcry forced the three of them to resign within a week. But the three are eligible for substantial pension benefits from CalPERS
  • Unions file lawsuit to keep pension initiative off ballot

    06/25/2010 11:07:44 PM PDT · by leakinInTheBlueSea · 3 replies · 2+ views
    The Almanac ^ | 23 June 2010 | Renee Batti
    By Renee Batti Almanac News Editor Two employee unions and a resident filed a lawsuit June 23 against the city of Menlo Park and a resident involved in the effort to place an initiative on the November ballot that would alter pension benefits for new employees. The unions and Menlo Park resident Katy Rose, who is also a plaintiff in the lawsuit, held a press conference at June 23 at the Menlo Park Civic Center to announce the legal challenge; the lawsuit asserts that the pension reform initiative violates the California Constitution, and asks that it be kept off the...
  • Villaraigosa calls for shutting down some city departments amid budget crisis

    04/06/2010 1:47:51 PM PDT · by Kartographer · 19 replies · 728+ views
    LATimes ^ | 4/6/10 | Phil Willon
    Los Angeles Mayor Antonio Villaraigosa called Tuesday for all city agencies -- except for police, other public safety and revenue-generating departments -- to close for two days a week starting April 12 because of the city's continuing budget crisis. "We have to act, and we have to act quickly," Villaraigosa said at a press conference. The mayor said he would direct the city's chief administrative officer to immediately begin planning to set the shutdown in motion
  • With health bill, Obama has sown the seeds of a budget crisis

    03/31/2010 5:29:11 AM PDT · by reaganaut1 · 5 replies · 353+ views
    Washington Post ^ | March 29, 2010 | Robert Samuelson
    When historians recount the momentous events of recent weeks, they will note a curious coincidence. On March 15, Moody's Investors Service -- the bond rating agency -- published a paper warning that the exploding U.S. government debt could cause a downgrade of Treasury bonds. Just six days later, the House of Representatives passed President Obama's health-care legislation costing $900 billion or so over a decade and worsening an already-bleak budget outlook. Should the United States someday suffer a budget crisis, it will be hard not to conclude that Obama and his allies sowed the seeds, because they ignored conspicuous warnings....
  • [Louisiana] State Civil Service Commission may scrap plans for merit pay raises

    03/17/2010 6:14:23 AM PDT · by rrstar96 · 1 replies · 213+ views ^ | March 16, 2010 | Ed Anderson
    More than 60,000 state employees may not be getting merit pay raises in the fiscal year that begins July 1. The announcement came today in the form of a notice for a special meeting of the commission Friday at 9 a.m. to consider a proposal to suspend the authority for state agencies to grant merit pay raises in a budget year when money is scarce. The meeting will be held in the Claiborne Building's Lousiana Purchase Room in Baton Rouge. The proposed cancellation of the merit pay raises comes after Gov. Bobby Jindal last week vetoed a State Civil Service...
  • [Louisiana] tax collections drop; Gov. Bobby Jindal plans for more budget cuts

    03/16/2010 6:32:56 AM PDT · by rrstar96 · 20 replies · 734+ views ^ | March 15, 2010 | Jan Moller
    An unexpected drop in state tax collections has created a mid-year budget deficit that could be as high as $400 million, adding dark new clouds to the state's bleak financial forecast as lawmakers prepare for the start of their annual session in two weeks. The news, delivered to Gov. Bobby Jindal's administration late last week by state economists, comes less than three months after the governor cut $248 million from the 2009-10 budget to adjust for shrinking state tax collections. Those cuts have led to hundreds of layoffs in state government and fell particularly hard on health care and higher...
  • CA: Despite budget crisis, state spent $75 million on vehicles, office furniture

    02/09/2010 9:13:12 AM PST · by NormsRevenge · 10 replies · 384+ views
    LA Times ^ | 2/9/10 | Patrick McGreevey
    Reporting from Sacramento - Even as the state grappled with a budget crisis last year, bureaucrats spent nearly $45 million on new vehicles, almost $30 million on new furniture and more than $2 million on off-site meetings and conferences, a legislative panel has found. The expenditures were outlined in a report released Monday by the Assembly Committee on Accountability and Administrative Review, which plans to call on state agency managers to explain their spending at a hearing Wednesday. "These expenses came despite an executive order from the governor last year for each state agency to cut costs and eliminate vehicle...
  • USA: Fiscal hawks balk at budget cuts

    02/08/2010 11:31:34 AM PST · by Ernest_at_the_Beach · 5 replies · 261+ views
    Politico ^ | 2/3/10 1:04 AM EST | MANU RAJU
    When President Barack Obama last week proposed a freeze on some federal spending, Sen. George LeMieux dismissed it as too little, too late. “Our nation is more than $12 trillion in debt,” he said. “Shame on us if we don’t address the problem head on.” But when Obama proposed a big cut in the NASA budget Monday, the Republican from Florida — home to the Kennedy Space Center — said the president should look elsewhere for savings. “I don’t think that makes any sense,” LeMieux said of Obama’s plan. He isn’t the only fiscal hawk to squawk.
  • California budget crisis means program cuts, tax increases or both in 2010

    01/02/2010 7:42:52 PM PST · by NormsRevenge · 19 replies · 896+ views
    ap on Mercury News ^ | 1/2/10 | Judy Lin - ap
    During last summer's fiscal crisis, Gov. Arnold Schwarzenegger borrowed the title of a film classic to describe California's budget, saying it contained "the good, the bad and the ugly." He was referring to welfare reforms and the streamlining of state boards that he was able to broker, along with deep spending cuts for schools, health care programs for the poor and AIDS-prevention efforts. All that's left in 2010 is the ugly. The nation's most populous state faces a nearly $21 billion shortfall over the next 18 months, a deficit that comes after years of making deep cuts in core state...
  • Schwarzenegger signs long-awaited California budget

    07/28/2009 3:15:03 PM PDT · by La Enchiladita · 16 replies · 990+ views
    Reuters ^ | July 28, 2009 | Staff
    SAN FRANCISCO (Reuters) - California Governor Arnold Schwarzenegger signed a package of bills on Tuesday to balance the state's budget, which should allow the state to stop issuing IOUs instead of paying bills and to prepare for a crucial sale of short-term debt. After weeks of negotiations, the Republican governor and top lawmakers in the Democratic-led legislature early last week agreed to several measures to close the state's massive budget deficit of more than $24 billion. On Friday, the legislature passed many of the measures to close most of the gap but left it to Schwarzenegger to use line-item cuts...
  • Schwarzenegger signs budget fixes

    07/28/2009 12:50:51 PM PDT · by SmithL · 7 replies · 447+ views
    Sacramento Bee ^ | 7/28/9 | Amy Chance
    Gov. Arnold Schwarzenegger signed a package of budget bills Tuesday he said contained "the good, the bad and the ugly," including no new tax increases and deep cuts in education and health care. He said he was forced to make additional cuts in parks and child welfare services because lawmakers sent him a package that was $156 million in the red. "We are not out of the troubled waters yet," he said."We are ready if our revenues drop further to make the necessary cuts to again live within our means." Line items totaled $656 million, including cuts in the Office...
  • LA Times: Schwarzenegger cuts $500 million more as he signs budget

    07/28/2009 2:51:00 PM PDT · by Ernest_at_the_Beach · 6 replies · 467+ views
    Los Angeles Times ^ | July 28, 2009 1:57 PM PDT, | Michael Rothfeld and Shane Goldmacher
    Rich Pedroncelli / Associated Press Schwarzenegger discusses the $85-billion revised state budget before signing it at the Capitol today. Calling the budget the 'good, the bad and the ugly,' the governor reduces funding to programs for children's welfare and healthcare, the elderly, and AIDS treatment and prevention.Reporting from Sacramento -- Gov. Arnold Schwarzenegger today signed a budget plan approved by lawmakers to close the state's monumental deficit, using his veto power to impose nearly $500 million in additional cuts. The new reductions will affect child welfare and children's healthcare, the elderly, state parks, and AIDS treatment and prevention beyond...
  • California’s fiscal charade

    07/25/2009 8:31:25 AM PDT · by SeekAndFind · 18 replies · 849+ views
    Financial Times ^ | 7/24/2009 | Christopher Caldwell
    Monday’s agreement between Arnold Schwarzenegger, the governor of California, and state legislators seemed to promise a temporary resolution to an ongoing budget crisis. But before legislators had even had a chance to vote on it, Californians were indulging in that peculiar mix of sanctimony and surrealism which marks almost all political discourse in the state. “What about the children?” ran the headline over the letters section of the San Francisco Chronicle, as if the important divide in the state’s politics were between those who “care” and those who do not. Caring has nothing to do with it. California’s problems are...
  • California IOUs can be considered securities, SEC says

    07/12/2009 3:26:38 AM PDT · by TigerLikesRooster · 42 replies · 2,394+ views
    Market Watch ^ | 07/09/09 | Ronald D. Orol
    California IOUs can be considered securities, SEC says Agency guidance helps create a secondary market for IOUs, helping with prices By Ronald D. Orol, MarketWatch WASHINGTON (MarketWatch) -- The Securities and Exchange Commission late Thursday issued guidance identifying the IOUs being issued by California as "securities," rather than just obligations of the economically troubled state. The Golden State issued the IOUs last week to conserve cash and pay off bondholders. "The staff of the SEC has expressed its belief that California's recently issued IOUs are 'securities' under federal securities law. As such, holders of these IOUs and those who may...
  • California: The Haves and Have-Nots (paid in IOU vs paid in Cash)

    07/02/2009 1:14:19 AM PDT · by TigerLikesRooster · 22 replies · 767+ views
    Seeking Alpha ^ | 07/01/09 | Felix Salmon
    People who get California IOUs People California pays in cash Grants to aged, blind or disabled persons University of California People needing temporary assistance for basic family needs Public Employees’ Retirement System People in drug prevention, treatment, and recovery services Legislators, legislative employees, and appointees Persons with developmental disablities Judges People in mental health treatment Department of Corrections Small Business Vendors Health Care Services payments to Institutional Providers
  • States brace for shutdowns (Budget Crisis)

    06/30/2009 2:17:56 PM PDT · by tflabo · 10 replies · 695+ views
    LA Times ^ | June 30, 2009 | y P.J. Huffstutter and Nicholas Riccardi
    Indiana is one of five states -- along with Arizona, California, Mississippi and Pennsylvania -- bracing for possible shutdowns this week as time runs out for lawmakers to close billion-dollar gaps in their fiscal 2010 budgets. Of the 46 states whose fiscal year ends today, 32 did not have budgets passed and approved by their governors as of Monday afternoon, according to the National Conference of State Legislatures. Although the majority of those are expected to pass eleventh-hour budgets, the fiscal futures of a handful remain uncertain, said Todd Haggerty, an NCSL research analyst.
  • Loosening unions' grip may be key for California

    06/12/2009 7:07:03 PM PDT · by Ernest_at_the_Beach · 16 replies · 981+ views
    Reuters ^ | Fri Jun 12, 2009 4:26pm EDT | Dan Whitcomb - Analysis
    LOS ANGELES (Reuters) - As California teeters on the brink of a financial meltdown, big interest groups led by public employee unions are complicating the picture, with chances slim of near-term reform. Little gets done in state and local politics across California without the involvement of unions for teachers, nurses, firefighters and state employees. "The Democratic state party is really just an extension of the unions," said Tony Quinn, co-editor of the California Target Book, a non-partisan analysis of the state legislature and Congressional elections. "The unions now control the legislature and they helped bring about the situation in which...
  • The Crisis Isn't California's Alone (47 other states face budget gaps, no easy solutions)

    05/25/2009 9:52:38 AM PDT · by SeekAndFind · 67 replies · 1,782+ views
    Businessweek ^ | 5/23/2009 | Christopher Palmeri
    It's been a tough week for the Terminator everywhere but the box office. On May 19, California voters solidly rejected a series of ballot initiatives that would have provided Governor Arnold Schwarzenegger with short-term fixes to help patch the state's $21 billion budget deficit. Then, while in Washington, Schwarzenegger got the cold shoulder from Treasury Secretary Timothy Geithner and legislative leaders when he asked the federal government to help guarantee some of the state's future borrowings. Back in California May 21, Schwarzenegger said he'd gotten the message and was asking budget team to go back to cutting board. "The people...
  • California budget crisis could bring lasting economic harm

    05/23/2009 10:26:12 AM PDT · by NormsRevenge · 23 replies · 966+ views
    LA Times ^ | 5/23/09 | Martin Zimmerman, Marc Lifsher and Andrea Chang
    As bad as California's budget crisis is for the state's $1.8-trillion economy, just wait. It could get worse. The spectacle that played out in the national media this week of a state unable to get its fiscal act together is reinforcing the notion that the Golden State is a rotten place to do business, experts say. Corporate leaders and Wall Street investors, watching the daily festival of seeming incompetence, political partisanship and governmental dysfunction, could be persuaded to limit or eliminate their investments here. ... The budget crisis threatens to further weaken the state's job market, which lost 63,700 more...
  • CA: Props Fail, State Taps Local Government? (Plan B .. Deja Vu all over again)

    05/05/2009 5:54:00 PM PDT · by NormsRevenge · 23 replies · 801+ views
    Capitol Notes / KQED ^ | 5/5/09 | John Myers
    The 'Plan B' scenarios if the special election measures are defeated continue to trickle out of the administration of Governor Arnold Schwarzenegger. This afternoon, a new one: the governor is prepared to propose a $2 billion suspension of the 2004 constitutional initiative protecting city and county revenues. Talk of suspending 2004's Proposition 1A comes on the heels of a meeting yesterday where Schwarzenegger aides told the firefighting community that voters rejecting the measures on the ballot in two weeks time would result in as many as 1,700 firefighting positions. One local government official on this afternoon's call said the plan...
  • CA: Deal to Close California Budget Gap Stalls

    02/15/2009 10:15:07 PM PST · by Ernest_at_the_Beach · 21 replies · 694+ views
    Wall Street Journal ^ | * FEBRUARY 15, 2009, 2:27 P.M. ET | Associated Press
    SACRAMENTO, Calif. -- One vote shy of a budget deal, California Gov. Arnold Schwarzenegger on Sunday pressured reluctant Republicans in the Legislature to pass a complex plan to close the state's $42 billion deficit.Many Republicans are unwilling to raise taxes to deal with the state's historic deficit, but at least three GOP votes were needed in each house for the two-thirds majority required to pass the budget."My guess is everybody's arm is getting twisted," said Sen. Dave Cox, a Republican who had been among the Democrats' best hopes for a deal. "My answer is no, and I'm not looking for...
  • Construction Workers Rally Against Layoffs (Sure, rally outside of REPUBLICAN offices!)

    02/12/2009 3:55:14 AM PST · by Enterprise · 9 replies · 702+ views
    KMPH ^ | Feb 10, 2009 | Ariana Duarte and Kyra J. Neyland
    "Fresno, Ca.-Dozens of out-of-work construction workers picketed outside the offices of state Senator Dave Cogdill and Assemblyman Mike Villines to encourage them and other California lawmakers to resolve the budget crisis before its too late."
  • Feds' Stimulus Plan Could Set Stage For California Budget Deal

    01/27/2009 10:27:34 PM PST · by Steelfish · 13 replies · 721+ views
    Sacramento Bee ^ | January 27, 2009
    Feds' stimulus plan could set stage for California budget deal By Dan Walters Jan. 27, 2009 The economic stimulus plan being written by President Barack Obama and Congress could cover a third of California's projected budget deficit and give Gov. Arnold Schwarzenegger and state legislators a way out of their political dilemma – but the governor says it would be foolish to count on it. California's share of direct spending in the package has been calculated at $21-plus billion, and Jed Kolko, an economist for the Public Policy Institute of California, told an economic seminar in Sacramento Monday that about...
  • Calif. Taxpayers Due Refunds May Get IOUs

    12/31/2008 7:41:30 PM PST · by TigerLikesRooster · 107 replies · 4,337+ views
    MSNBC ^ | 12/31/08 | Patrick Healy
    Calif. Taxpayers Due Refunds May Get IOUs By Patrick Healy updated 8:46 p.m. ET Dec. 31, 2008 If you expect you'll be getting a refund from California when you file your 2008 state income tax return, be prepared: you may instead receive a "registered warrant." Translation: an IOU. California is rapidly running out of money. Blame it on the state budget deficit that continues to bleed billions of dollars from California's reserves. Facing inadequate credit to make up the difference, California's Controller John Chiang warns that by the end of February, the nation's most populous state may not be...
  • CA: Controller sees IOUs by Feb. 1 in budget crisis

    12/31/2008 2:32:13 PM PST · by NormsRevenge · 3 replies · 467+ views ^ | 12/31/08 | Matthew Yi
    Sacramento -- State Controller John Chiang, who oversees California's cash flow, warned state agencies Tuesday that unless Gov. Arnold Schwarzenegger and the Legislature agree on a budget, the state will have to begin issuing IOUs to some state employees and contractors as early as Feb. 1. "Without immediate cash solutions or the ability to borrow billions from the strained financial markets, the state controller's office has no choice but to pursue the deferral of potentially billions of dollars in payments and/or the issuance of ... IOUs," Chiang wrote in a letter to state agencies. Tuesday, Chiang was still in the...
  • California Scheming: What One-Party Rule Is Doing To Once-Golden State

    12/22/2008 5:31:23 PM PST · by Kaslin · 72 replies · 1,850+ views
    IBD Editorials ^ | December 22, 2008
    State Government: As the financial crisis in California gets worse, it's pretty clear the real problem isn't the budget at all, but a political system that has resulted in a dysfunctional one-party state.California's $41.8 billion budget deficit expected over the next two years is a record. No other state even comes close. But despite what the state's politicians say, it's not because of the recent economic downturn. It's because of them. The state has a budget crisis for the second time in a decade largely because the Democratic-held legislature has spent money wildly and without any real purpose. A reasonable...
  • Dan Walters: Veto threat chills Democratic budget gambit

    12/19/2008 10:04:05 AM PST · by SmithL · 10 replies · 687+ views
    Sacramento Bee ^ | 12/19/8 | Dan Walters
    Democratic legislators attempted Thursday to take a big bite out of the state's budget deficit by passing a complex, $18 billion mélange of legally uncertain spending cuts and new taxes, but Gov. Arnold Schwarzenegger quickly doused it with the icy water of a veto threat. Schwarzenegger labeled portions of the 16-bill package as "bogus," but the parts he rejected related more to so-called "economic stimulus" than its budget-related provisions. He indicated that he could accept a revised version, even though Republican legislators and anti-tax groups denounced it as an unconstitutional money grab. However, legislative leaders said they don't intend to...
  • Democrat Budget Bills Go To Governor - And Uncertain Fate (Dems Thumb Nose At Constitution Alert)

    12/18/2008 3:39:23 PM PST · by goldstategop · 20 replies · 1,316+ views
    Sacramento Bee ^ | 12/18/2008 | Kevin Yamamura
    But Republicans accused Democrats of subverting the will of voters and setting a historic precedent for raising taxes in California, calling the maneuver "stunningly cynical." They warned that Democrats would soon increase other fees to make up for budget shortfalls if they are successful in their majority-vote plan. "This is a very historic day," said Senate Republican Leader Dave Cogdill, of Modesto. "Certainly we've been a long time coming to this point where we have reached such frustration with the laws of this state, with the people and their will as it relates to how taxes should be raised, that...
  • Bass believes governor will sign plan

    12/18/2008 11:51:29 AM PST · by SmithL · 2 replies · 424+ views
    SacBee: Capitol Alert ^ | 12/18/8 | Shane Goldmacher
    Assembly Speaker Karen Bass said Thursday that she "could not imagine" that Gov. Arnold Schwarzenegger would veto the Democrats' budget plan.
  • The Governor To Reject This End-Run On Proposition 13 (Red Arnold's Legacy Alert)

    12/18/2008 9:27:11 AM PST · by goldstategop · 6 replies · 673+ views
    Flash Report ^ | 12/18/2008 | Jon Fleischman
    There isn't much point in my expending a lot of time this morning chastising Senate and Assembly Democrats for their plans, this morning, to try to stick Californians with billions of dollars in new taxes, using some scheme where they brazenly attempt to navigate around the State Constitution's requirement for a 2/3 vote to raise taxes. Through sleight of hand and bizarre terminology, Democrats are planning to hike the state's income, gas, and car taxes (and that's not all) -- and do it with a majority vote (Republican legislators have appropriately and boldly said NO to any tax increases to...
  • Today's Attempt By Democrats To Shred The State Constitution.... (Dem Power Grab Assailed Alert)

    12/18/2008 9:15:43 AM PST · by goldstategop · 18 replies · 1,270+ views
    Flash Report ^ | 12/18/2008 | Jon Coupal
    In perhaps one of the most brazen political moves in California history, Democrat leadership yesterday unveiled a budget proposal that would shred the California Constitution by raising billions of new taxes without the required two-thirds vote. The tax hikes in the proposal would include a 2.5% surcharge on anyone paying personal income tax, an additional three quarter of one percent sales tax, an oil severance tax and replacement of current taxes on gas with even higher “fees.” We have no idea who is providing legal advice to the Semocrats, but they should have been informed before launching this silly proposal...
  • A Responsible Budget To Get California Back On Track (DUH Alert)

    12/16/2008 9:41:00 AM PST · by goldstategop · 4 replies · 391+ views
    Flash Report ^ | 12/16/2008 | Sen. Bob Dutton and Assemblyman Roger Niello
    Republicans have been the only party in Sacramento offering real solutions to our budget crisis to get Californians working again. While Democrats play political games, Republicans continue to show that we are prepared to give Californians the responsible budget solutions they deserve. Senate and Assembly Republicans yesterday proposed an honest and realistic budget plan that will allow California to solve its current budget crisis and invest in the priorities of working families, while also addressing the structural budget problems looming on the horizon. The Republican budget plan includes $22 billion in budget solutions – which is more than either the...