CA: No action by legislators on spending proposals (Dems delay taking any action)

SFGate.com ^ | 1/27/04 | Lynda Gledhill - SFChronicle

[NormsRevenge]

State lawmakers have yet to take action on Gov. Arnold Schwarzenegger's spending plans more than two weeks after the governor proposed his budget for next year and more than two months after he asked for $2 billion in immediate spending cuts.

[NormsRevenge]

The California DemRatic Obstructionist Party marches in place while state finances hemorrhage.

[BurbankKarl]

I really do think the State will head into bankruptcy this summer. Arnold was on the new Dennis Miller show last night on CNBC (9pm), and he seemed optimistic, but the dummycrats are going to take the state down with them.

[goldstategop]

They're not serious about cutting spending. I plan to send Sacramento a message by turning down their bid to borrow more money, in March.

[pogo101]

I really do think the State will head into bankruptcy this summer

Depends on what you mean. If you mean it will become insolvent -- unable to pay its currently-becoming-due expenses -- then that's one thing. If you mean that, in addition, the state will "file for bankruptcy," all I can say is: states are not among the permitted Debtors listed in bankruptcy law. (Subdivisions of states that have the capacity to sue or be sued CAN file for bankruptcy, as Orange County did back in '94. But not the state itself, apparently.)

[Amerigomag]

No more borrowing.

Taxes are going to be raised whether prop 58 passes or not. Without the longer term bonds the state will be forced to cut their spending at least a little.

If the neither the legislature, which wants to raise spending appreciably, nor Schwarzenegger, who wants to increase spending just a fraction, are unwilling to cut spending, let the capital markets force the governance to do it.

[BurbankKarl]

Okay, then I hope the Arnold forces the Cities and Counties of LA, SF, Oakland into bankruptcy


>>>(Subdivisions of states that have the capacity to sue or be sued CAN file for bankruptcy, as Orange County did back in '94. But not the state itself, apparently.)