Among the cuts to close the gaping $20 billion California deficit could be welfare programs “including the main one that provides cash and job assistance to families below the poverty line.” That sounds like food stamps to me. So, those least able to survive will be hurt the most. They of course are also [...]
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The Elephant in the California room. Candidates for governor are mostly ignoring the huge budget deficit. Flickr photo by jcodysimmons A Sacramento judge ruled last week that the State of California can raid $2 billion of local redevelopment money and use it to pay for schools. A spokesperson for Gov. Schwarzenegger said “We [...] The Observer has a solid if depressing overview of the enormous financial problems facing the State of California now. Much has been made globally of the problems of Ireland and Iceland. Yet California dwarfs both. It is the eighth largest economy in the world, with a population of 37 million. If it was an independent [...] California cities irked by borrowing plan California Gov. Arnold Schwarzenegger, wants to invoke a 2004 law to force municipalities to loan the state 8% of their property tax revenues. Administrators of already cash-strapped cities and counties said the loans would force even deeper cuts in services. Fewer cops and fire engines would be on [...] The California shortfall now stands at $24.3 billion and the state is quickly running out of money. The only way the legislature can make up the difference will be with bludgeon-like budget cuts. It’s going to get real ugly. Yet as all this happens, public pensions in California must be funded at 100%, something which [...] Democratic activists at the annual state party convention blocked endorsement of several controversial budget measures on the upcoming May 19 special statewide election. Republicans are overwhelmingly opposed to all six ballot measures. If they don’t pass, the current budget agreement is dead. Mayor Hair Gel of San Francisco is trying to straddle the issues [...] Because of the ridiculous 2/3rds budget rule — the super-majority required to pass a budget in the California state legislature — and Arnold’s failure to deliver even one vote from a small cabal of obstructionist Republicans, Californians may be getting IOUs in the mail next month instead of financial aid checks or tax refunds. [...] With time and money running out for California, Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called legislators into a new special session that won’t end until they agree on a way to trim the state’s $11.2 billion budget deficit. Seems like every time there’s a new story about this, the size of [...] I do not believe this vote has been scheduled unless there are indications that there are at least two Republican Senators ready to vote for the budget so that it will secure the necessary two-thirds vote, or unless the governor believes he can deliver these votes. Let’s hope it passes. The stalemate has gone on [...] Multiple commenters on Calculated Risk created new lyrics to “Hotel California” while discussing the current disastrous budget crunches in California happening simultaneously at state, county, and local levels. “On a dark desert highway Cool winds through my hair Warm smell of foreclosures Risin’ up through the air Up ahead in the distance I [...] |  | ||||
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