As the Budget Churns (2010 Edition)
July 28th, 2010 admin
California’s constitution required a budget be enacted by June 30th. Californians ought to ask June 30th of what year as there are no negotiations in Sacramento right now. Meanwhile, there was some news from Governor Schwarzenegger. He told reporters today , “If I do not get all of the things that we need … I will not sign a budget, and it could actually drag out until the next governor gets into office.” Democrats’ response is that the Governor threatens children and public education. …
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The immovable object and the unstoppable force need to get ready: California’s annual budget woes are heating up. The Bronze Golden State is facing a $19 billion deficit, and Governor Schwarzenegger has proposed a new budget that has no chance to pass the legislature. The Governator’s budget includes $12.4 billion in spending cuts, including...
Earlier this week Governor Schwarzenegger told an audience in Silicon Valley, “There’s a good shot that we will have a budget in the next two to three weeks.” The Democrats are proposing an increase in the income tax (and a smaller decrease in sales taxes) to close the $19 billion deficit. Republicans in the legislature are opposed....
Only in California would Democrats in the Legislature get the “brilliant” idea of borrowing money from the deposits consumers make on plastic and glass soda bottles to balance the budget. The Democrats also want to increase oil taxes. Of course, the idea of drastically cutting compensation and pension benefits to the public employee unions...
Usually, the Democrats and the Republicans in the California legislature at least realize the problems that exist with the budget. In past years, the Democrats will propose raising all sorts of taxes knowing they’ll only get a little of what they want (with a Republican governor); the Republicans will say there won’t be any new taxes...
Governor Schwarzenegger announced yesterday that he has reimposed mandatory furloughs on state workers. Beginning in August there will be three furlough days a month for most state employees. These days are without pay and are a means of helping to close the budget gap. Of course, the problem is that there is no budget. The reason is simple: Democrats...
California’s Controller, John Chiang, called California’s cash situation “precarious.” Mr. Chiang called on the legislature and Governor Schwarzenegger to act on the $9 billion of budget cuts by March. The alternative is that California will run out of cash. If this sounds familiar, it should. This situation happened last...
Governor Schwarzenegger is taking on unions with his final budget. Steve Maviglio, a Democratic strategist, told the Los Angeles Times, “It’s a continuing jihad against organized labor. The governor thinks public employee unions are Enemy No. 1.” So what does the Governator want to do? He wants to cut the number of government employees,...
While California has been on center stage with its budget troubles, Nevada, too, has had problems. The Silver State is facing an $887 million budget deficit (by comparison, California is facing a $19.9 billion deficit). Unemployment is high, and revenues in the gaming industry fell by the largest percentage ever in 2009. Governor Jim Gibbons (R)...
UK Budget 2010 23rd March, 2010: 8pm We’re getting ready to rock and roll on the UK’s most important financial event of the year so far. If you’d like to be a joint publisher (ie you get to write things direct into the Cover-It-Live session), drop a comment and I’ll ping you the details.
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The answer is very, very stupid. On a party line vote, the California State Senate passed a health care bill that would cost $200 billion. The legislation will undoubtedly be vetoed by Governor Schwarzenegger. Meanwhile, as I reported earlier California is lurching towards running out of money by April 1st…again. But don’t worry, Democrats...
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