Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

California Legislature called into special session on budget deficit
Los Angeles Times ^ | November 12, 2010 | Shane Goldmacher,

Posted on 11/13/2010 1:43:35 PM PST by Ernest_at_the_Beach

Lame-duck Gov. Arnold Schwarzenegger declares that the state faces a fiscal emergency after its chief budget analyst says the shortfall has grown to $25.4 billion.

Reporting from Sacramento —

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 ...


TOPICS: Business/Economy; Extended News; Government; US: California
KEYWORDS: cabudget; calbudget; schwarzenegger
Navigation: use the links below to view more comments.
first previous 1-2021-31 last
To: calcowgirl

Hmm. Is this recent? We they not facing a fiscal emergency on Nov. 2? Just sayin’, Arnold.


21 posted on 11/13/2010 3:32:49 PM PST by fightinJAG (Step away from the toilet. Let the housing market flush.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Ernest_at_the_Beach

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.


22 posted on 11/13/2010 3:56:11 PM PST by telebob
[ Post Reply | Private Reply | To 1 | View Replies]

To: telebob

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.


23 posted on 11/13/2010 4:08:25 PM PST by Oldexpat
[ Post Reply | Private Reply | To 22 | View Replies]

To: BillyBoy

“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........


24 posted on 11/13/2010 4:24:07 PM PST by Forty-Niner (We're Coming back again in 2012! RINOs out In the Primary. Conservative Repubs in in the General!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: BillyBoy

They are going to try to get the Lame Ducks to bail em out. Last chance ya know.


25 posted on 11/13/2010 4:29:09 PM PST by screaminsunshine (Americanism vs Communism)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Oldexpat

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...’.


26 posted on 11/13/2010 4:33:49 PM PST by telebob
[ Post Reply | Private Reply | To 23 | View Replies]

To: Ernest_at_the_Beach
This is not true! I had a leftist moonbat friend from California tell me that the state is not broke the only problem they have is that companies and the rich aren't paying their fair share and should be taxed more.

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."

27 posted on 11/13/2010 4:38:31 PM PST by engrpat (A village in Kenya is missing their idiot...lets send him back)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BillyBoy
Isn't it interesting that in another thread that California residents had the highest credit scores, actually tied with NY and MA, in the country and the state they live in is bankrupted and ranked 49th for credit worthiness in the country.
Californians get ready to bail out the state.
28 posted on 11/13/2010 5:56:21 PM PST by Kozy (Calling Al Gore)
[ Post Reply | Private Reply | To 3 | View Replies]

To: ThomasThomas

I thought Ahnold could have run again, because his “first” term (2003-06) was technically Gray Dufus’s unfinished second term.


29 posted on 11/13/2010 8:51:30 PM PST by rfp1234
[ Post Reply | Private Reply | To 12 | View Replies]

To: Domangart
Agree, lets let MOON BEAM Jerry Brown try and fix it!

Close California!

30 posted on 11/13/2010 9:26:37 PM PST by agincourt1415 (Republicans please don't mess up this chance! Elect REAL Conservatives 2010! PERFECT STORM!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: agincourt1415

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.


31 posted on 11/14/2010 2:39:49 AM PST by MasterGunner01 (To err is human; to forgive is not our policy. -- SEAL Team SIX)
[ Post Reply | Private Reply | To 30 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-31 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson