Schwarzenegger should cut the bonds

Orange County Newspaper ^ | Dec 14 2004 | Orange County Newspaper

[freedomdefender]

An Orange County activist group is playing an important part in making sure that Gov. Arnold Schwarzenegger does not repeat a budget mistake that was one of the reasons Gov. Gray Davis was recalled. At issue is $929 million in long-term pension-bond obligations in the 2004-05 state budget, which began July 1. The bonds would fund the state's current pension obligations and be repaid over 20 years. ...

A year ago, Gov. Davis' attempt to float a similar bond was thrown out by a Sacramento Superior Court

[nickcarraway]

I hope so.

[calcowgirl]

The best thing would be for Gov. Schwarzenegger to cancel the bonds. That would mean cutting nearly $1 billion more in other spending from the 2004-05 budget. But the governor was elected precisely because he promised to make the tough decisions Gray Davis wouldn't.

We also would like to remind the governor that he gained office because of the "people power" provisions in our state Constitution - recalls, initiatives and voter approval of borrowing. He should not be trying to get around this system, but safeguarding it.

Well Said, OCRegister!

[Amerigomag]

Asking Schwarzenegger to cut $1B worth of services to Californians would be like asking George Bush to secure our boarders.

Both would shrug their shoulders and talk about the "reality" of things.