Posted on 12/10/2004 4:43:17 PM PST by freedomdefender
A lawsuit filed Thursday by a conservative legal group stands a strong chance of adding $800 million to California's budget shortfall, experts say.
The Pacific Legal Foundation lawsuit seeks to keep Gov. Arnold Schwarzenegger from selling bonds to cover a scheduled payment into the pension fund for government employees. The sale of the bonds, which taxpayers would have to pay back over 20 years, was part of the governor's plan to balance the budget.
"This is a borrowing without approval of the voters," said Harold Johnson, an attorney with the foundation, which filed the lawsuit on behalf of the Fullerton Assn. of Concerned Taxpayers in Orange County. "The lawmakers of this state are getting into a credit card habit. It is time for a constitutional reality check for these reckless spenders."
(Excerpt) Read more at latimes.com ...
I'd like to see someone block the implementation of Prop. 71 (embryonic stem cell research initiative). Regardless of one's view on stem cell research, this is a horrible precedent.
They might block the sale, but I have it on good authority that the Yankees are willing to trade Giambi for Bonds.
Wrong story. Nevermind.
I would applaud its success. Its time to slap California's liberal big spenders into reality.
bttt
Hmmmm... a bit subjective with that headline aren't they?
Suit Seeks to Block Attempt to Mask Deficit with Illegal Bond Sale
There, that's better.
That is hilarious.
How much is the interest on the bonds they are trying to sell?
What is the interest rate?
Funny thing is... they never mention that!
Borrowing money to pay off ridiculous retirement bennies? That is totally crazy.
If the money isn't there, the benefits must be reduced.
Until around 20 of the chronic tax spenders in the legislature are given the heave-ho, state income isn't likely to improve. Not any time in my lifetime!
$800 million is an interesting figure but just wait until the $8 billion structural deficit sits down in the room.
Personal list.
I second that. It's also time to give our moderate (R) big borrowers a swift kick.
Yeah you couldn't believe the sight of a Democrat tough on spending!
Of course. I voted against Props 57&58 last year. We've borrowed but still haven't addressed the structural problems that are producing continuing budget shortfalls in California.
BTTT!!!!!!!
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