Posted on 05/08/2006 7:53:22 PM PDT by NormsRevenge
OAKLAND — Gov. Arnold Schwarzenegger and Legislative leaders barnstormed the state Monday to tout their agreement on a $37.3 billion infrastructure bond package likely to play a pivotal role in November's election.
The tarmac at Oakland International Airport was awash in bipartisan praise as the "Big Five" — the governor and the Assembly's and state Senate's Democratic and Republican leaders — held their news conference before jetting to Burbank, Santa Ana and San Diego for similar events.
"I think this is going to be terrific for the whole state of California,"
Schwarzenegger said of the plan lawmakers approved in the wee hours of Friday morning. He thanked Legislative leaders "for having worked together so well on this — I'm so proud of them."
State Senate President Pro Tem Don Perata, D-Oakland, said if he still taught high-school civics, he could use this deal as "a textbook example of bipartisan cooperation, except I don't think it's ever happened before to this magnitude."
Indeed, this is the largest public works package in California's history, and undeniably key to Schwarzenegger's platform for re-election this November; it's potentially a legacy for the governor, and could blunt a Democratic challenger's accusation of excessive conservatism.
Schwarzenegger's campaign already is e-mailing reporters with quotations of praise he's getting from politicians on both sides of the aisle, as well as from other sources, for helping to broker the deal.
State Treasurer Phil Angelides and state Controller Steve Westly, rivals for the Democratic gubernatorial nomination, issued statements Friday praising Perata and Assembly Speaker Fabian Nunez, D-Los Angeles, for leading the way to the deal, but neither mentioned Schwarzenegger at all.
Angelides later Friday told reporters the governor is just "standing on the back of the caboose waving at everyone."
Perata and Nunez said Monday that isn't the case at all, insisting the governor and the Legislature both deserve credit for this deal. Perata said lawmakers "weren't sent to Sacramento to be stalking horses for anybody running for office," and Nunez said, "Don't underestimate the role that the governor played."
Nunez said he anticipates campaigning with Schwarzenegger to ensure the bond measure is passed in November; Perata said he believes the Democratic nominee should embrace the plan wholeheartedly.
After decades of under-investing in the state's roads, schools and levees, even a few more weeks of inaction simply wasn't an option, Perata said.
"We know the public had already figured this out and they were waiting for us to do something... I don't think there was anything more important than getting these bonds on the ballot this year," he said. "The governor stepped in only when he was asked to, he was not intrusive, he helped close the deals."
The $37.3 billion in general obligation bonds appearing on November's ballot for voter approval will include:
a $19.9 billion bond to fund transportation infrastructure repairs, reduce traffic congestion, improve bridge safety, expand public transit and improve port security;
a $10.4 billion bond to fund K-12 and higher education;
a $4.09 billion bond to repair and maintain levees and improve flood-control systems; and
a $2.85 billion bond providing home-ownership, rental and permanent housing opportunities.
The governor's staff provided a breakdown Monday showing Alameda County stands to get about $253.7 million for K-12 school modernization and new construction, while Contra Costa County stands to get about $377.9 million and San Francisco stands to get about $112.7 million.
The bond money is meant to leverage state, federal and other dollars for an overall infrastructure plan totalling $115.8 billion.
State Senate Republican Leader Dick Ackerman, R-Irvine, said Monday the plan "truly serves both Northern California and Southern California," and he praised Perata as "the leading force from the Legislative standpoint."
Assembly Republican Leader George Plescia, R-San Diego, said it was achieved in "the spirit of compromise, of government working together to try to get things done for California."
A broad coalition of labor groups, tax-reform organizations, local transportation authorities and city and county governments has been pushing a proposed ballot measure which would close loopholes in Proposition 42 of 2002 so that the earlier measure's gas taxes are used solely for the local and state transportation projects for which they were intended.
Asked Monday whether this measure goaded lawmakers to act on the bonds, Schwarzenegger replied it was a broad, bipartisan recognition of long-overdue need that led to Friday's deal. "Everybody was willing to give up something in order to get the deal done."
For more on the infrastructure proposal, see http://www.strategicgrowthplan.com.
For audio of Monday's news conference in Oakland, go to speeches.gov.ca.gov/dir/05-08-2006—oak.htm.
California Gov. Arnold Schwarzenegger, center, speaks during a news conference as Los Angeles Mayor Antonio Villaraigosa, left, and Assembly Speaker Fabian Nunez, right, listen Monday, May, 8, 2006, at the Million Air terminal in Burbank, Calif.
Education: The proposal authorizes the placement of a $10.4 billion general obligation bond to fund K-12 and Higher Education on the November 2006 ballot.
Housing: The proposal authorizes that a $2.85 billion general obligation bond providing homeownership, rental, and permanent housing opportunities be placed on the November 2006 ballot.
Levee Repair and Flood Control: The proposal authorizes the placement of a $4.09 billion general obligation bond to repair and maintain levees and improve the flood control systems in the state on the November 2006 ballot.
Transportation: The proposal authorizes the placement of an $19.9 billion general obligation bond to fund repairs, reduce congestion, improve bridge safety, expand public transit and improve port security on the November 2006 ballot.
We have to just be smart enough to vote no on all bonds.
Was the smart part borrowing another $37.3 BILLION???? How exactly do they ever expect to get out of debt if they just keep passing bonds for stuff they can't afford now?
And now Arnold (= just another socialist masquerading as a Republican who fooled the Conservatives, is that JASMARWFTC?, Nah, let's just call him what he is, a backstabbing SOB) proposes to solve this problem by introducing ANOTHER $35+ billion dollars of debt.
There is no question in my mind that California, along with it's vast wealth of businesses and real estate, is merely cargo in the bow hold of the Titanic. Picture at eleven.
It used to be a lot easier to find the debt load a couple years ago.. Funny how that changed , eh?
we were close to 50B not so long ago,,
Ya...I am a Republican...see...can't you see?!??
Here's a link with a bunch of info re: debt
http://www.treasurer.ca.gov/bonds/debt.htm#apr_06
includes General Obligation and revenue
Bonds info.. at the bottom is the
April 2006 summary total
http://www.treasurer.ca.gov/bonds/debt/4-05/sum.pdf
And tell me again just how much these bonds will be worth when the better part of Leftafornia slides into the Pacific with an 8.0 earthquake?
I'd laugh if it was an political hoax or a scene from a soap opera. But it isn't, is it?
So why not spend another $35M. What the heck!
Investing in California's futures
make that
Investing in Wall Street's bonding houses futures
Just get the word out to at least a hundred people that a bond is a new tax on you that you pay.
This is the best I've been able to find lately (from p.B-4 of the Debt Affordability Report). I think it all adds up to about $85 Billion.
With this new $37 Billion "terrific" plan, we'll *really* be sitting pretty! /s
http://www.treasurer.ca.gov/publications/2005dar.pdf
General Fund Debt
Bonds Outstanding and Bonds Authorized But Unissued
As of July 1, 2005, the State had a total of $34.644 billion in voter-authorized general obligation bonds outstanding (this number excludes the $10.9 billion of Economic Recovery Bonds sold to date) and a total of $30.438 billion in authorized but unissued bonds. In addition, the State has legislatively authorized General Fund-supported lease revenue bonds in the amount of $7.841 billion outstanding and $3.320 billion authorized but unissued.
Thanks. Looks like you were right. $100B authorized and $50B outstanding.
So why not spend another $35B. What the heck
Good links! Thanks!
I usually just find Phil's personal pages congratulating himself and give up looking in disgust.
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