CA: Plan being explored to borrow billions

SJ Mercury News ^ | 3/24/03 | Mercury News wire services

[NormsRevenge]

A bipartisan group of legislators is quietly seeking support for a plan to resolve California's budget shortfall by allowing the state to borrow billions of dollars and pay the money back over several years.

The approach is similar to one that helped Orange County emerge from bankruptcy in the 1990s.

[NormsRevenge]

This was one that I have been meaning to post, I didn;t see anything re: this on any of the news shows. I wonder why? (Besides the War , that is.)

[Ernest_at_the_Beach]

From where will they borrow?

CALPERS perhaps?

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[NormsRevenge]

Where else? Who has boatloads of money to blow loan these days?;-)

I'd like to know who the Gangs of Eight from each side mentioned are as well.

[NormsRevenge]

.."a plan to issue bonds to cover a portion of the deficit and pay the money back over five years"

A 5 year plan , for repayment , that is.. Hmm? sounds communistic to me. But then I am a bit of a cynic in general when it comes to govt these days.

[tubebender]

...and the interest will be $1 Billion a year. They need a credit counselor.

[Grampa Dave]

Calpers why not!

Typical left wingers. When their Visa card is maxed, they max out their Mastercard. When the Mastercard is maxed out, they get an equity loan on their house. During the increasing debt load, no expenses are cut, in fact they increase the spending which increase the debt load.

If this isn't the state version of Enronning, what would it be called?

[Ernest_at_the_Beach]

You have been prdicting for sometime they would raid CALPERS as I recall!

[Lancey Howard]

If this isn't the state version of Enronning, what would it be called?

"Enronning"....I like that.
Except with these California legislators, "Enronning" is not only about greed and the lust for political power and perk - - it is about raw cowardice.

[Grampa Dave]

Actually it is raw arrogance. They are not cowards, and that is the problem. We need to make cowards out of them.

[Redcloak]

I'm wondering when Davis will try a variant of the "Nigerian E-mail" scam to raise money.

[Grampa Dave]

Careful don't give Davis or Burton any ideas.

Willy Brown will be selling bottled water from Hetch Hechy. The same place that the San Francisco regular water comes from.

[FITZ]

California doesn't sound like a very good credit-risk. Once you start in that downward spiral, it's takes a lot of self-control to get out of that and they don't have self-control.

[snopercod]

Any bets on whether the borrowing will be put to the voters as the California Constitution requires?

[kellynla]

This idea is total unadulterated BS. McClintok stated months ago that the budget deficit could be totally eliminated by cutting the top of the budget by about ten or fifteen percent and within eighteen months the budget would be balanced. Now it is about time that these morons that are in Sacramento got off the dime and started cutting the pork and welfare fraud out of the budget. Back to the war. GO FIRST MAR DIV! Semper Fi