Posted on 11/13/2010 1:43:35 PM PST by Ernest_at_the_Beach
Declaring that California faces a fiscal emergency, lame-duck Gov. Arnold Schwarzenegger said Thursday he would convene a special session of the incoming Legislature to address the state's massive budget deficit.
The announcement came one day after the state's chief budget analyst said the fiscal shortfall has grown to $25.4 billion over the next year and a half — far larger than officials had estimated only days earlier.
Legislative Analyst Mac Taylor estimated that the budget which Schwarzenegger had signed 35 days ago already had fallen $6.1 billion into the red because of optimistic assumptions that had proven incorrect.
The goal of the special session would be to address at least the current shortfall, Schwarzenegger spokesman Aaron McLear said.
The special session would convene Dec. 6, the day the incoming class of legislators — including 28 freshmen — is set to be sworn in.
By then, Schwazenegger will have less than a month in office and has not indicated that he has new ideas for addressing the budget problems that stymied negotiators for a record 100 days this summer and fall after the July 1 budget deadline.
"Legislators will have to face the ugly truth that we can only spend the revenues we have," Schwarzenegger said in a statement. ".... They know it won't be easy, but they also know they cannot wait to take action."
(Excerpt) Read more at latimes.com ...
Hmm. Is this recent? We they not facing a fiscal emergency on Nov. 2? Just sayin’, Arnold.
The current budget was designed to do one thing: Get the rats through the election without pissing off any of their constituent groups.
Everybody knew it was BS except for the morons who vote for rats anyway - and they don’t care. It’s not their money.
So just in the course of a couple weeks the budget suddenly mushroomed into a full blown crisis.
We conservatives in CA need to double up on going Galt and starve the state of money over the next few months. Avoid big purchases or buy over the net or out of state. Delay paying taxes as long as possible.
There is little hope reason will prevail because those who get paid by the state and those who pay nothing to the state in taxes now dominate in politics. The only thing they will understand is flat running out of money and those willing to lend. Good time to sell your CA bonds also.
“Hope all the Arnoldbots who voted for this socialist enjoyed their seven years of “Republican rule”
Arnold.... smarnold....California is ruled by an overwhelmingly Democrat legislature and the public employees unions.....and that isn’t gonna change....what will change is that we’ll have a rubber stamp Governor in Moonbeam Brown..... (he’s Joe Biden’s older brother so there’ll be a lot of gaffes along the way to keep the little people amused)
BTW 60% of the Californa budget goes to “Education”.....read the CTA (California Teachers Association).....It’s for the children don’tcha know!
Hold on to your 2nd Amendment Rights....they’re about to go out the window....by gun grabbers/onerous legislation....laws that Arnold almost always vetoed.....but Jerry won’t.......hello high crime!
After a couple of years with Jerry we’ll be looking back to Arnold’s Administration with nostolgia for those “better” times......
Sorry, but it can’t go anywhere but down given the Nov 2 results......I think I’m gonna be sick......
Illinois ain’t much better.....maybe you should tend your own cesspool........
They are going to try to get the Lame Ducks to bail em out. Last chance ya know.
It was a full blown crisis before - they just conspired to push it down the road a little further. The governor, the legislature and the media gave it a wink and a nod for the rubes.
And as we see, that maneuver cost a further 6B or so.
As for CA bonds - who the hell would buy them? They’re being pimped on the radio now. ‘Be the first on your block to buy into the exciting, dynamic State of California...’.
They truly fail to see the correlation between taxes, fees and regulations and companies pulling up and moving to other states that say, "hey come on."
I thought Ahnold could have run again, because his “first” term (2003-06) was technically Gray Dufus’s unfinished second term.
Close California!
And . . . (drum roll) . . . the obvious solution to California’s problems are:
1. Raise taxes and fees.
2. Spend money that doesn’t exist.
3. Write more onerous regulations on businesses.
Yeah, that’s it! It’s worked so well before — NOT.
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