Posted on 10/08/2010 12:41:07 PM PDT by NormsRevenge
SACRAMENTO, California (Reuters) – California lawmakers on Friday approved a state budget filled with spending cuts and creative accounting to fill a $19.1 billion deficit, 100 days after a spending plan should have been in place.
Governor Arnold Schwarzenegger said he hoped to sign the budget package as soon as Friday evening, but critics fear his successor, to be elected on November 2, will immediately face a new shortfall as rosy revenue assumptions prove unfounded.
That's a familiar story for California, which has seen its revenue plunge in recent years due to recession, as well as turmoil in financial and housing markets.
"These are sobering times," Schwarzenegger, a Republican, told a morning news conference, adding that his staff could pull together the budget package for his signature by late in the day.
"We want to do this as quickly as possible," he said.
Both chambers of the Democrat-led Legislature endorsed the budget, hammered out by top lawmakers and Schwarzenegger a week ago to end a record stalemate over a spending plan for the most populous U.S. state.
The budget may come in time to avert the embarrassment of California resorting to IOUs later this month. Last year, contractors were given IOUs during a lengthy budget impasse while investors holding state bonds were paid on time, following state Constitution guidelines.
(Excerpt) Read more at news.yahoo.com ...
and of course, they get paid per diem, whether they are there or not in some cases..
representative gubamint at its finest?
or just an anomaly in the gene pool?
Socialist Utopia or bust.
the job approval rating for the legislature is about to go single digit.. quite an impressive track record of weirdness and ecimation the last 10 years or so courtesy of Stinkymento and the sorriest bunch of politicos since ol’ Rome went to pot.
decimation
Sounds to me like they better start working on next years budget right now. Maybe that way they could come in on time. Ya think?
Well at least they got one. The US Congress just punted and are now flying by the seat of the pants that are just about to be burnt off.
does this mean the toilet paper will be back at the state parks? the bears will be pleased.
It’s only smoke & mirrors designed to get the governor and legislature off the hook until after the election.
I had to cut the deadbeats off a couple of weeks ago.
They just go somewhere else and run up a tab.
bust
you’d think with all them green jobs and stuff, the money would be flowing in.. huh?
they already have next year’s budget, more or less, more double digit debt, at least into the foreseeable future..
the ol’ kick the can pass da buck who me? approach,, ummm huhhh..
we have seen this so many times ,, but the electorate supports and tolerates more of the same election after election..
Creative accounting...
Same ole, same ole...
I’m predicted 150 days in 2011. When the creative accounting hits the fan, look out.
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