Posted on 12/16/2003 8:50:30 AM PST by NormsRevenge
Edited on 04/12/2004 6:02:04 PM PDT by Jim Robinson. [history]
Judging from the lavish media coverage and the blizzard of self-congratulatory statements from those involved, one might think that Gov. Arnold Schwarzenegger and legislative leaders took huge strides last week toward resolving California's budget crisis.
They didn't. The deal on a $15 billion bond issue to refinance part of the state's $25 billion budget debt and a constitutional amendment declaring a balanced budget to be state policy were noteworthy, perhaps -- but they did almost nothing about operating deficits that will approach $20 billion over the next 18 months.
(Excerpt) Read more at sacbee.com ...
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