Posted on 05/07/2009 2:29:23 PM PDT by NormsRevenge
SACRAMENTO — California may need to borrow more than $20 billion in short-term loans to cover all its bills next year if revenues continue to drop and voters reject proposed budget-balancing measures, the Legislature's budget analyst said Thursday.
The nonpartisan Legislative Analyst's Office released a worse-case scenario cash flow report showing the state will have to take on record borrowing if voters reject the May special election ballot measures.
Gov. Arnold Schwarzenegger's finance officials had estimated the state would have to borrow $13 billion for California to get through the 2009-10 fiscal year. But since then, the analyst's report said revenues have been down.
(Excerpt) Read more at mercurynews.com ...
Why borrow when one can just tax?
Oh yea, its the voters fault if we don't pass the $%*&@#$ boondoggle initiatives.
Nah... we’ll share the fault with those obstructionist Pubbie legislators that won’t give them their 2/3 majority
for every new liberal spending boondoggle they can think of.
What a plan.
Borrow millions of dollars to pay for free medical care, schooling, welfare, food stamps, housing for illegals so they will stay in California filling jobs that tax paying citizens need.
I just say we all, as the other Americans-not-including-Kalifornie just call the credit firm of DEWEY, SCRUEM & HOWE and put out a credit hit on them.....
Can I get a secured interest? Nahhhh, not after I saw how GM and Chrysler bondholders were treated. These bonds will need to be securitized into a AAA rated package of “mixed government securities.”
Again, simply stop the payments to illegals and you pretty much cover the deficit. Up to you, Sacramento. Simple as that.
same amount almost that he was elected to eliminate. nice work.
Get it from Zero.
He then can fire the CA governor and let the Unions own 55% of the state.
Obama can then not only make cars but pistachios and movie films.
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