Tweet
Last Friday, the deficit of California was close to $30 billion, in real dollars. Today, when the Governor signs the "new" budget bill, the deficit will drop to ONLY $15 billion. All the gimmicks and frauds in the just passed budget means Sacramento barely cut the deficit in half.
"California has issued more than $1 billion worth of IOUs, and that number could continue to grow even after Gov. Arnold Schwarzenegger signs the budget deal approved by lawmakers last week, officials said."
It should be noted that the bond rating of the State will not change. They will not improve. Thanks to the gimmicks, our economy will not improve, our revenues will continue to drop and investors will continue to look elsewhere to time build.
Even before the signing, this budget is a big dud. When the legislature gets back on August 17 it will be time to do an honest budget.
More...
"California has issued more than $1 billion worth of IOUs, and that number could continue to grow even after Gov. Arnold Schwarzenegger signs the budget deal approved by lawmakers last week, officials said."
It should be noted that the bond rating of the State will not change. They will not improve. Thanks to the gimmicks, our economy will not improve, our revenues will continue to drop and investors will continue to look elsewhere to time build.
Even before the signing, this budget is a big dud. When the legislature gets back on August 17 it will be time to do an honest budget.
More...