A Dose of Reality for Schwarzenegger (MClintock opposes California bond measure)

LA TImes ^ | Nov. 20, 2003 | Gregg Jones and Evan Halper

[FairOpinion]

"... the governor faced concerns from fellow Republicans over his plan to deal with California's fiscal difficulties without a tax increase.

Brulte said he expected the borrowing proposal to pass the Senate eventually. But Sen. Tom McClintock (R-Thousand Oaks) said he would vote against it, and other Republicans interviewed Wednesday echoed concerns already raised by Burton and other Democrats.

"I think it's fiscally irresponsible to use long-term, general obligation bonds to meet state expenses," McClintock said after the Senate session. "That is why, for over 100 years, the state Constitution has prohibited that practice — to prevent a prodigal generation from running up a huge debt while it parties, then passing the bill on to his children."

He added, "A deficit bond will not have my vote."

Brulte said the key to Schwarzenegger's fiscal recovery plan was a cap on state spending, a central Republican demand. "If the price I have to pay for a spending cap is a willingness to support a deficit bond, I'm willing to look at that," Brulte said. "But our prime objective is the spending cap."

[StoneColdGOP]

Yes.

A bond is a tax. As I rule, I vote no on ALL bonds just the same as if it said it was a tax in its ballot description.

Unfortunately, the masses see it supposedly going for something like veterans homes or schools and automatically vote yes most of time.

Forget trying to explain to them that THEY and their children have to pay for it, or explain the prudence of cutting spending first.

[RKV]

You haven't bothered to look at McCLintock's proposals. They are public, reasonable and possible if we have the will. The producers have to get the parasites off the public dole. Period.

[ambrose]

Glad Tom didn't make any "deals"... he promised to support Arnold when they agreed, but he's not going to sell-out on his principles.

[FirstPrinciple]

Oh, I had no idea. Does that mean that the cost of school lunch is the same everywhere? That makes so much sense. Something else I need to write to my Congresscritter for.

[FirstPrinciple]

This is exactly how third world countries try to balance their budgets. Except, I don't think American people will be as forgiving as the IMF. Come to think of it, why doesn't California borrow the money from IMF?

[MeekOneGOP]

Uphill for Schwarzennegger, but ... go, Arnold !

Sorry it took so long to get here. Running waaaaaaayyy behind today ! ...

[mike_9958]

I understand what you are saying but I'm not sure I buy it. The Fed goverment runs a deficit all the time - in essense borrowing money from itself and selling bonds. The deficit goes up and down - with folks talking about balancing the budget and paying down the deficit.

This all sounds like what Arnold is doing on a state level. The exception is that Ca. must sell bonds - which is similiar in nature to what the fed does. Ca will pay the bonds off as the economy turns around. They do have revenue streams - which is unlike some third world countries.

[FirstPrinciple]

Except the US Treasury bonds are probably the highest rated bonds in the world. I could be wrong, but I don't think we need to pay a hefty premuim for people to hold US bonds. CA probably has the lowest rating in the whole business. It has to pay a much higher premium, because unlike third world countries CA will not have IMF holding its debt for next to nothing interest rate. Give CA back to Mexico and let it raise as much debt as it wants.

[GOP_1900AD]

Are you a state employee?

[mike_9958]

So we need to thank Gray for screwing up the credit rating for CA too

So we got a state with big debt and a low credit rating.... great. Now you depressed me.... and I don't even live close to CA. thanks

[F16Fighter]

"What I find really inappropriate, is not that McClintock opposes the bond issue, and may not vote for it, although that does put him squarely in the camp with the Dems, but that 3 days Arnold becomes governor, McClintock just had to get in front of the cameras to criticize Arnold's plan, in a very shrill voice, and non-diplomatic (to be very kind to him) way."

It's called engaging in critical thinking AND standing up for a principle -- but of course the RINO wing of the GOP still refuses to read the memo.

[Victoria Delsoul]

Brulte said he expected the borrowing proposal to pass the Senate eventually. But Sen. Tom McClintock (R-Thousand Oaks) said he would vote against it, and other Republicans interviewed Wednesday echoed concerns already raised by Burton and other Democrats.

That's exactly right. However, McClintock is part of the problem since he'll be difficult to deal with.

[jagrmeister]

Fair- you're right. McClintock is an untrustworthy ally. He's unrealistic in his approach. He should direct his barbs at Democrats which will give Arnold more leverage in negotiating a more conservative solution.

[FirstPrinciple]

Sorry, didn't mean to do that. Look at the bright side. If you buy this bond (I am not sure what the requirement is to hold these bonds), you will make a good return that is probably better than the market once you account for the risk. Even if there is any chance that CA will default, I am sure the federal govt will bail it out. If I had money, I would love to invest in it. Now, it doesn't look like a bad idea after all. It is about time that ordinary folks start to profit from socialism.

[CyberAnt]

Oh brother!

[FairOpinion]

"The plan has been on the table for months. "

==

So why isn't McC sitting down and talking to Arduin about his plan to cut, instead of talking to the liberal media, cricizing Arnold's plan for trying to solve the budget crisis?

I tell you why -- he doesn't really want to solve the problem, he just want to bask in the light of publicity.

Things don't get done in front of the TV cameras, they get done quietly behind the scenes.

[FairOpinion]

"what's the problem with criticizing him for proposing something that is bad? "

===

So you think proposing the bond measure is bad. I suppose you, McClintock and the Dems would prefer a tax increase instead, right?

You can cut the budget, but not by enough.

If anyone has a magic wand, please speak up.

[FairOpinion]

I keep telling "you guys", that Arnold was elected governor, NOT dictator or king.

[FairOpinion]

"he's not going to sell-out on his principles. "

===

His "principles" are clearly to team with the Dems and gang up on Arnold, and keep him from solving California's crisis. Some principles!

[nopardons]

Oh that's rich ... the old " principles " ploy. Those who use that, tend to have but ONE " principle ", to defaet by inssult, implication, and/or by direct disregard for the possible, what the person who won an election is trying to do, FOR THE GOOD OF ALL.

Almost immediately, after President Bush won the election, Alan Keyes, who has less of a chance to ever win any elected office, was all over T.V., badmouthing President Bush. Yeah, right ... " principles ". In a pig's eye !

Now good old Tom is opening his mouth. All he's doing is aiding the ENEMIES of the state of California and the nation; the damned Dems.