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 ...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Schwartzenegger, the only California state politician with veto power, the only person with an entire branch of government at his disposal, is acting like a helpless girly man. Let this be a lesson to all those who claim to be Republicans, much less conservatives. A long time ago, someone said that “one man with courage makes a majority”. The current crises will only be addressed by people with spines and a little common sense.
Amount of General Fund Debt. As of June 1, 2008, the state had about $53 billion of infrastructure-related General Fund bond debt outstanding on which it is making principal and interest payments. This consists of about $45 billion of general obligation bonds and $8 billion of lease-revenue bonds. In addition, the state has not yet sold about $68 billion of authorized general obligation and lease-revenue infrastructure bonds. Most of these bonds have been committed to projects, but the projects involved have not yet been started or those in progress have not yet reached their major construction phase.
And, Schwartzenegger is the guy our State’s Republican Chairman wants to bring as a speaker.....thinking he’ll bring in the DOLLARS the the Republican party coffers.....
Money isn’t everything. Message is. Schwarzenegger should be fundraising for Democrats.
They ain’t going learn here. This place is a disaster.
Glo-bull warming is just that
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
EXACTLY!!!
DRILL BABY DRILL!!
“”He grandstands, goes around having news conferences and criticizing people,” Torrico said.”
Heaven forbid anyone criticize a democrat legislator from CA. They share no responsiblity for the mess the state is in. The problems were all created by Ronald Reagan, George Bush, and recalcitrant Republican legislators who wilfully refuse to see the advantages of 100% marginal tax rates.
“Arnold should announce a plebiscite on the state government...”
It would have the effect of serving notice, would it not? What if there were a plurality?
Illegal Immigration Costs California $10.5 Billion Annually.
http://usgovinfo.about.com/od/immigrationnaturalizatio/a/caillegals.htm
I used to worry about this stuff but now I think a total financial meltdown is the ONLY way we’ll be able to fix things.
:by using the cheaper to make, patented better gasoline that we have discussed, you could eliminate any effect on global warming from cars and trucks, but solving the problem, even should exist, does not seem to be the goal for Schwarzenegger and McCain and Bush.
:by using the cheaper to make, patented better gasoline that we have discussed, you could eliminate any effect on global warming from cars and trucks, but solving the problem, even should exist, does not seem to be the goal for Schwarzenegger and McCain and Bush.
There are more than a few who have felt that way for years.
Welcome to the club. :-)
1. Eliminate benefits for illegal aliens, except any emergency care needed to get them back across the border. (save $14 billion a year)
2. Privatize two prisons to save money. Then rinse and repeat. (save 1-3 billion a year)
3. Increase the age for peace officer retirement from 50 to 57.
4. No travel expenses for legislators living within 35 miles of the capital.
5. Eliminate the boards and committees every republican governor has promised to eliminate.
6. 1-house 100 members legislature meeting six months every two years.
7. Eliminate the elevator operators in the capitol building.
8. Reduce state peace officer pay by 7%.
9. Reduce other state employee pay by 5% for everyone making over $3,000 per month.
10. Eliminate contributions from public employee unions to those who negotiate and approve their contracts.
11. Freeze all pay and benefits for state employees until 1 year after the state balances the budget.
12. Reduce the state legislators pay to $50,000 a year.
13. Eliminate the state legislator's vehicle allowances. Provide gas mileage expenses as paid to state employees.
14. Eliminate the state capital gain tax.
15. Reduce the state income tax by 1% in each bracket.
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