Posted on 11/17/2005 6:28:02 AM PST by kellynla
SACRAMENTO — In an unexpected election-year gift for Gov. Arnold Schwarzenegger, California coffers are suddenly flush with enough cash to wipe out what was projected to be a multibillion-dollar gap in next year's state budget.
Nonpartisan Legislative Analyst Elizabeth G. Hill reported Wednesday that, largely because of robust economic growth, tax receipts were far exceeding forecasts. At the current rate, the state is heading toward ending the fiscal year in June with a budget reserve of $5.2 billion — four times what was anticipated when the governor signed the budget over the summer.
Hill, whom lawmakers of both parties look to for guidance on the budget, said that was enough extra cash to eliminate the shortfall that had been projected for next year if spending remained at current levels. It would be the first time in five years that lawmakers would not have a multibillion-dollar hole to fill.
Politically, that means less pressure on the governor to propose program reductions or to break his pledge not to raise taxes when he unveils his annual budget plan in January. It also takes away opportunities for his opponents to back him into a corner on those issues when the state nears its summer deadline for passing a budget — and the 2006 race for governor heats up.
"The budgetary situation for the state of California is considerably better," Hill said at a press conference. "There are sufficient amounts available for 2006-2007 to end the year with a balanced budget."
(Excerpt) Read more at latimes.com ...
Wait, you mean that pro-growth policies caused tax revenues to increase without raising tax rates? But supply-side economics doesn't work. Ross Perot and Bill Clinton both said so.
"budget reserve of $5.2 billion"
I would suggest they pay down their debt.
Don't matter what you do, Arnold. The media won't care. The Dims won't care.
#1 Rule in Dealing with the Media, Democrats and Terrorists:
Can't Please 'Em, so Don't Appease 'Em.
(I think I'll make that my tagline for a while...let's see...there we go...done)
Reaganism works.
What's the good news? That they have more taxpayer money to spend? Or, that the state can continue on its spending spree because the coffers are full again?
sorry, Charlie...
this is great news for those of us who live, work and pay taxes in CA...
and no matter what you say, you're not go to rain on our parade today!
Ping for great news!
Okay. So those of you that live in California like the idea that the state spends billions of dollars a year more than they take in and spend with the best of liberal intent.
I can accept that. I was trying to rain on your parade. Just wondering where the actual good new was.
>>#1 Rule in Dealing with the Media, Democrats and Terrorists:
Can't Please 'Em, so Don't Appease 'Em.<<
Amen! It disgusts me to see Republicans running scared because they don't want to offend the media. For crying out loud, grow a set!
"If Orange County had bothered to turn out and vote on the referendums"
WARNING!
Don't come on my thread without getting your facts straight!
Orange County not only turned out to vote for the propositons but VOTED FOR ALL THE PROPOSITIONS!
You stand corrected!
Now take your negativity elsewhere;
this is a great day and we don't need your negativity here!
maybe you should concern yourself with what goes on in that liberal toilet you live in and let us worry about what goes on here!
"Somehow I don't consider it good news when my Kalifornia legislators have plenty of money."
then work with the rest of us to make sure this money is not wasted!
Take a breath. Why are you taking this personally?
We hate the legislators in Sacto. They are liberal cretins of the worst sort. We are happy to have Arnold -- does he ever have a fight on his hands, and we wish him well. That there is a glimmer of good news under his Governator-ship, we celebrate that.
Whoops. Meant to say: I wasn't trying to rain on your parade.
I still say that finding more money is just an excuse to spend it. It takes their mind off of spending cuts just like here in CT. That tees me off. It should you, as well.
I know that you are thinking, "Great. They have no reason to raise my taxes." But, finding the extra money (where was it hiding, by the way) just means they get to spend it.
They are going to find a way to raise taxes anyway.
You really think so? I bet those screw-ups in Sacramento are all shouting "Found money, let's spend it!".
That money will be spent faster than the time it'll take me say I Hate L.A.
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