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Want to be one of the few to see budget go here.
There is a dirty secret in Sacramento today. The only reason we have a "budget" is to be authorized to pay bills--this is NOT a budget, it is a spending authorization.
To make even this happen, the State is going to try to borrow $10 billion from Wall Street, the State Controller can not guarantee he will not use IOU's, school money will be cut and like in 2008/2009 budgets, we start the process over again in January, this time with a new Governor.
"The Los Angeles Times says the deal -- which tries to erase a staggering $19.1 billion deficit after more than three months of legislative gridlock -- "would fall out of balance almost the moment the ink dried." That's because it relies on "rosy revenue assumptions" and "accounting sleight-of-hand." For instance, California is expecting the federal government to send it $5.3 billion in assistance, even though only $1.3 billion of that money has actually been approved by Congress. Another $1.4 billion in the budget is based on economic assumptions the paper deemed "optimistic."
"By legislators' own calculations, the package would shave less than $9 billion from the deficit by cutting programs and suspending corporate tax breaks," the Times reported. "That leaves more than $10 billion in other solutions," none of which include tax hikes."
This time they are not even pretending to balance the budget. It is time for Regime change.
More...
There is a dirty secret in Sacramento today. The only reason we have a "budget" is to be authorized to pay bills--this is NOT a budget, it is a spending authorization.
To make even this happen, the State is going to try to borrow $10 billion from Wall Street, the State Controller can not guarantee he will not use IOU's, school money will be cut and like in 2008/2009 budgets, we start the process over again in January, this time with a new Governor.
"The Los Angeles Times says the deal -- which tries to erase a staggering $19.1 billion deficit after more than three months of legislative gridlock -- "would fall out of balance almost the moment the ink dried." That's because it relies on "rosy revenue assumptions" and "accounting sleight-of-hand." For instance, California is expecting the federal government to send it $5.3 billion in assistance, even though only $1.3 billion of that money has actually been approved by Congress. Another $1.4 billion in the budget is based on economic assumptions the paper deemed "optimistic."
"By legislators' own calculations, the package would shave less than $9 billion from the deficit by cutting programs and suspending corporate tax breaks," the Times reported. "That leaves more than $10 billion in other solutions," none of which include tax hikes."
This time they are not even pretending to balance the budget. It is time for Regime change.
More...