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Schwarzenegger budget tied to bond measures that could fail
Sac Bee ^ | 1/9/04 | Jim Wasserman - AP

Posted on 01/09/2004 6:40:05 PM PST by NormsRevenge

Edited on 04/12/2004 6:03:20 PM PDT by Jim Robinson. [history]

SACRAMENTO (AP) - Gov. Arnold Schwarzenegger's budget is perilously linked to a variety of bond issues that could fail at the ballot box and in the Legislature, toppling his financial rescue plan and further damaging the state's battered credit ratings, Wall Street analysts warned Friday.


(Excerpt) Read more at sacbee.com ...


TOPICS: Culture/Society; Government; Politics/Elections; US: California
KEYWORDS: bondmeasures; bondratings; budget; calbudget2004; calgov2002; couldfail; debt; prop57; prop58; schwarzenegger; tied

1 posted on 01/09/2004 6:40:06 PM PST by NormsRevenge
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To: *calgov2002
.
2 posted on 01/09/2004 6:40:25 PM PST by NormsRevenge (Semper Fi Mac ....... Become a Monthly at FR....... https://secure.freerepublic.com/donate/)
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To: All
Rank Location Receipts Donors/Avg Freepers/Avg Monthlies
53 Armed Forces - Europe 35.00
2
17.50


35.00
3

Thanks for donating to Free Republic!

Move your locale up the leaderboard!

3 posted on 01/09/2004 6:44:30 PM PST by Support Free Republic (Freepers post from sun to sun, but a fundraiser bot's work is never done.)
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To: NormsRevenge
I'm all for making painful cuts. We need to stop spending money we don't have. Arnold said it himself and we need a REAL SPENDING CAP in the state constitution, not the phony one the Democrats placed on the ballot. The sooner we slash spending for real, the better off California will be.
4 posted on 01/09/2004 6:46:19 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: goldstategop
Guess what FReepers, Arnolds budget is more than last years according to the Ken & John show on LA's KFI show. The libs are running around saying education is cut but only by goverment mentality. It was projected to rise 4 billion but we cut only 2, ergo a 2 Billion increase. I'm confident that the bond issuewill fail. So just maybe this actor will really have to do the real thing. I won't hold my breath. Correct me if I heard this in error while driving the 405 on Friday afternoon.
5 posted on 01/09/2004 7:18:49 PM PST by Digger
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To: NormsRevenge
Arnold should sell bonds backed by state owned real estate, such as the university system. The Democrats wouldn't dare let them default, because that would mean the privatization of the schools.
6 posted on 01/09/2004 7:20:09 PM PST by Vince Ferrer
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To: Vince Ferrer; NormsRevenge
Arnold should sell bonds backed by state owned real estate, such as the university system. The Democrats wouldn't dare let them default, because that would mean the privatization of the schools.

I've got a better idea. How about selling off a campus or two? I'd bet they make a dandy start on that $15 billion and the added accountability would work wonders.

Allow me to suggest we start with the University of California at Santa Cruz... Please?

7 posted on 01/09/2004 7:28:09 PM PST by Carry_Okie (The environment is too complex and too important to manage by politics.)
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To: NormsRevenge
Painful cuts would be very prudent. I doubt most of us would notice...
8 posted on 01/09/2004 7:31:31 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: Vince Ferrer
And what's wrong with that? Heavens, I think that's great news!
9 posted on 01/09/2004 7:32:44 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: Carry_Okie
Start with all the Bay Area state assets and go on from there.
10 posted on 01/09/2004 7:33:34 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: goldstategop
Painful cuts would be very prudent. I doubt most of us would notice...

Precisely!
Cuts are "painful" only for the parasites.

11 posted on 01/09/2004 7:36:17 PM PST by Lancey Howard
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To: Digger
He needs to cut more then!
12 posted on 01/09/2004 7:50:17 PM PST by Ernest_at_the_Beach (Davis is now out of Arnoold's Office , Bout Time!!!!)
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To: NormsRevenge
"If this bond does not pass in March, we will be forced to make painful cuts in essential programs.

Time to pay the piper.

Hb

13 posted on 01/09/2004 7:52:42 PM PST by Hoverbug
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To: Digger
Roger Hedgecock said the same thing here in San Diego. The 2 billion dollar "cut" is actually a cut in EXPECTED increase. The reality is a two billion dollar INCREASE which is being called a CUT.

Anie's BSin' with the best of them

Hb
14 posted on 01/09/2004 7:54:32 PM PST by Hoverbug
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To: Carry_Okie; goldstategop
I've got a better idea. How about selling off a campus or two?

[...]
And what's wrong with that? Heavens, I think that's great news!

I don't think there's anything wrong with that, which is why I proposed it. :) Its a win-win for conservatives, either they pay off the debt, or they privatize the schools and pay off the debt. There is no way for conservatives to lose. As for selling off the schools, I have proposed that too on other threads. Just collect the titles of all the schools into a company, and offer an IPO on the NYSE. Take the IPO money, and pay down the debt, and cancel the budget for the universities.

15 posted on 01/09/2004 8:05:53 PM PST by Vince Ferrer
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To: Vince Ferrer
Take the IPO money, and pay down the debt, and cancel the budget for the universities.

Reorg! Downsize!! LAYOFF!!!

There is no more deserving claque of fat, over-rated, dedicated communists in need of an attitude adjustment than at the University of California.

16 posted on 01/09/2004 9:49:32 PM PST by Carry_Okie (There are people in power who are truly evil.)
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To: Carry_Okie
How 'bout we start with UC Berkeley? Hehehe...
17 posted on 01/10/2004 1:44:26 AM PST by Bonaparte
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To: NormsRevenge
When the deficit projection increased last spring, Davis issued a revised budget proposal in May 2003.

If/when the $15B bond fails this March, Schwarzenegger can still revise his budget proposal to have more cuts. He'll have a good reason, and the majority of voters will understand (assuming Prop 56 fails).

18 posted on 01/10/2004 7:19:41 AM PST by heleny (No on propositions 55, 56, 57, 58)
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To: heleny
Correction: Prop 57, not Prop 56
19 posted on 01/10/2004 7:20:35 AM PST by heleny (No on propositions 55, 56, 57, 58)
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To: heleny
If/when the $15B bond fails this March, Schwarzenegger can still revise his budget proposal to have more cuts. He'll have a good reason, and the (sane) majority of voters will understand (assuming Prop 56 fails).


A slight mod.. ;-)

This will be interesting to watch. Maybe the electorate is finally energizing and more informed than we have been led to believe by some whose agenda is clear?

Debt is debt ... There's a lot of money riding on the bonds measures.

A lot more folks are weary of taking on new debt w/o some cuts in funding or elimination and/or reform of social programs and education,, and benefits to illegal recipients thereof..

20 posted on 01/10/2004 9:02:16 AM PST by NormsRevenge (Semper Fi Mac ....... Become a Monthly at FR....... https://secure.freerepublic.com/donate/)
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