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The State is trying to borrow $5 billion from Wall Street, to repay those we have refused to pay.
"Into the picture steps State Treasurer Bill Lockyer, who announced yesterday that he is pursuing a bridge loan of more than $5 billion to cover the period between budget enactment (whenever that may be) and the sale of RANs. Last year, the state sold $1.5 billion in bridge loans to pay off IOUs.
In the likely occurrence that at least some of the investors in the bridge loan will also purchase RANs, this will be like borrowing from Peter to pay Peter. Which works out well for Peter. But at least the state will also be able to pay all the Pauls, which in this analogy are counties, health clinics, small businesses, state contractors, and schools.
That is, if there ever is a budget."
Stop the borrowing.
Pass a real balanced budget.
Stop the union monopoly, enforce our immigration laws and end the smear created AB 32 that is killing the economy and jobs.
Have a government that lives within its means and represents real people not a radical ideology.
More...
"Into the picture steps State Treasurer Bill Lockyer, who announced yesterday that he is pursuing a bridge loan of more than $5 billion to cover the period between budget enactment (whenever that may be) and the sale of RANs. Last year, the state sold $1.5 billion in bridge loans to pay off IOUs.
In the likely occurrence that at least some of the investors in the bridge loan will also purchase RANs, this will be like borrowing from Peter to pay Peter. Which works out well for Peter. But at least the state will also be able to pay all the Pauls, which in this analogy are counties, health clinics, small businesses, state contractors, and schools.
That is, if there ever is a budget."
Stop the borrowing.
Pass a real balanced budget.
Stop the union monopoly, enforce our immigration laws and end the smear created AB 32 that is killing the economy and jobs.
Have a government that lives within its means and represents real people not a radical ideology.
More...