Posted on 05/12/2009 2:55:04 PM PDT by BAW
Gov. Arnold Schwarzenegger told legislative leaders Monday the state's annual income tax collections are expected to fall this year for the first time since 1938, punctuating a budget shortfall that he said will reach $21.3 billion if voters reject a slate of ballot measures next week.
With passage of the measures appearing unlikely, Schwarzenegger announced that he would release plans Thursday -- five days before the May 19 special election -- to show Californians the devastating consequences for government if the propositions fail.
State finance officials have been drafting plans for cuts in fire services, prisons, schools and other areas in the event that Propositions 1A through 1E, which plug a $6-billion budget hole, cannot overcome strong voter opposition reflected in recent polls.
The second scenario, if the measures pass, will still be devastating: The state budget will be $15.4 billion out of balance since Schwarzenegger and lawmakers approved it in February, administration officials said Monday. That is nearly double recent projections.
The state could find itself unable to pay bills if steps are not taken to balance the budget by early July, finance officials say.
(Excerpt) Read more at latimes.com ...
I’d prefer he start with the over-one-billion dollar program setting up for cap-and-trade.
And progress on to wiping out the ARB.
For starters. ;-)
appointing Davis’ Chief of Staff as his..
Brilliant!
It was all downhill from there..
It was almost comical (pathetic, really) to see Davis ousted in 2003 for trying to borrow $10 billion and have Arnold promote, instead, borrowing $15 billion 2 months after taking office.
Dem borrowing bad. Rep borrowing good. /s
State finance officials have been drafting plans for cuts in fire services, prisons, schools and other areas in the event that Propositions 1A through 1E, which plug a $6-billion budget hole, cannot overcome strong voter opposition reflected in recent polls.
I am getting so sick of this blatantly transparent tactic! The Rats who own Oregon lock, stock, and barrel trot out the same thing anytime the rabble look like they are getting even an inkling of revolt in them. Of course, like dutiful sheep, we usually concede to our masters and give them more money.
Yes! Please Californians, stave the beast!
Well, sure. But eliminating some of his blatant cronyism would take away ammunition from the Rats to use against other cuts.
Laffer Curve.
Laffer Curve.
Laffer Curve.
Laffer Curve.
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