Posted on 12/10/2008 8:16:38 PM PST by NormsRevenge
SACRAMENTO — A frustrated Gov. Arnold Schwarzenegger warned Wednesday that California is headed toward "financial Armageddon" if legislators continue their standoff over how to solve the state's ballooning budget deficit.
With the recession sending state tax receipts plummeting, Schwarzenegger announced that the state faces a budget shortfall of $14.8 billion in the current fiscal year, up from an earlier estimate of $11.2 billion. Looking ahead to mid-2010, the gap could grow to as much as $40 billion if nothing is done to cut spending or generate new revenue, administration officials said Wednesday.
The entire general fund budget this year is $103.4 billion.
"If we don't put aside our ideological differences and negotiate and solve this problem, we're heading towards a financial Armageddon," Schwarzenegger said at a hastily called news conference in the Capitol.
The governor unveiled an electronic display, updated in real time, showing where the deficit stands and by how much it is growing — $470 per second, $40 million per day — based on his office's calculation. The display will be placed outside his Capitol office in an attempt to pressure legislators to act.
Lawmakers from both parties did not respond kindly.
Senate Minority Leader Dave Cogdill, R-Fresno, accused the governor of "bullying the Legislature" and repeated his party's opposition to higher taxes. Assembly Majority Leader Alberto Torrico, D-Fremont, said he has "no confidence" in Schwarzenegger's leadership and complained that the governor has failed to produce "a single vote" in the Legislature for his budget proposals.
"He grandstands, goes around having news conferences and criticizing people," Torrico said.
(Excerpt) Read more at mercurynews.com ...
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That ought to get someone's attention.. maybe even the voters.
This is what happens when you are “fighting” natural climate change in order to “save the planet.” Fools!
Slash spending to essential services and cut personal and business taxes.
Arnold should have stuck to acting.
Cut ALL services to illegals
It will in about 2 months - CA won’t make payroll.
‘Financial Armageddon’
Opening this holiday at a crowded soup line near you.
A Looney Left/ Schwarzenegger Production
The part of the democRats in the state legislature will be played by drunken sailors. The Gubinator will be making a cameo appearance as an opportunistic neophyte politico who single handledly decimates a party and a state... and a cast including more Kennedys than all the extras ever used by Cecil B. DeMille in his long career.
California will be out of money by February.
bingo - this is what happens when the state trys to be all things to all people.
Lets pay more to stop global warming when there is no proof it exists or how to stop it.
Many years ago, Arnold introduced a wonderful video on the virtues of capitalism, hosted by the eminent Milton Friedman. The title of the video series was “Free To Choose”, and it described how a free marketplace was the best way for an economy to function.
Arnold, you need to get away from the poisonous philosophy you’ve adopted as a governor—get back to the basics that created the wealth you so desired as a hungry young immigrant.
Government is the problem—not the solution to our problems.
Of course anarchy isn’t the answer...but neither are confiscatory taxes and regulations, Arnold. And you seem to have embraced both.
He did.
...as I said, in about two months.
NORM! ARNOLD! I edited a little and FIXED THE PROBLEM!
WooHOO! Let’s make it a chant. All together now....
...the state faces a budget shortfall of...as much as $40 billion if nothing is done to cut spending...
SPEND LESS!
...the state faces a budget shortfall of...as much as $40 billion if nothing is done to cut spending...
SPEND LESS!
...the state faces a budget shortfall of...as much as $40 billion if nothing is done to cut spending...
SPEND LESS!
Arnold should announce a plebiscite on the state government, in which every eligible voter is sent a one page piece of paper. On the front of the sheet it lists taxes, and asks what taxes should be created or increased. On the back, it shows itemized expenditures that can be legally cut.
The paper asks the voters to select what taxes to increase, and what cuts to make, until the total between the two pages is ZERO. It includes a stamped envelope with return postage.
Then, when all the idea are assembled, new taxes and program cuts are tallied with a simple majority. The legislature can vote up or down on the package, and Arnold will sign it if it passes.
If the public wants $20/gal gasoline, they get it. If they want the state to stop funding the universities, they get that, too.
yeah arnold...you want to save the world but you can’t even balance the budget. Time to get real.
LOL, I thought that as soon as I hit “post”.
Thanks,
John
Stop spending so much money on illegals then Arnold.
tough
Kalifornicate will have to learn how to run a state like most of us must run our families...
PAY AS YOU GO...
Eliminate unnecessary expenses — all Illegal Alien benefits.
Outsource prisoners to the cheapest offshore prison — with all illegal aliens outsourced first.
Reduce salaries and eliminate pensions for “civil service”, which is way pensions are being handled in private industry.
Fire the bottom 15% of performers in EVERY state position.
Implement Zero start basis budgets for every dept, and have them justify every dollar.
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