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Well, That Didn't take Long, California Broke.....Again
Quote:
Oct. 10 (Bloomberg) -- California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said.
Revenue in the three months ended Sept. 30 was 5.3 percent less than assumed in the $85 billion annual budget, state controller John Chiang reported yesterday. Income tax receipts led the gap, as unemployment reached 12.2 percent in August.
“The culprit here appears to be estimated quarterly personal income tax statements,” H.D. Palmer, the governor’s budget spokesman, said yesterday. “The numbers are cause for concern, but the issue now for us is to determine if this is a one-time event or whether it has more long-term implications.”
The latest figures show that California is facing resurgent fiscal strains brought on by the U.S. recession. Since February, Schwarzenegger and lawmakers have cut $32 billion from spending, raised taxes by $12.5 billion and covered $6 billion more with accounting gimmicks and borrowing. Even with those actions, state budget officials predict an additional $38 billion in deficits in the next three fiscal years combined, including $7.4 billion in the year starting July 1.
Schwarzenegger must present a budget for the coming fiscal year in January. The state’s Franchise Tax Board will deliver new data to the governor in November.
Debt Sales
The budget news comes as the most populous U.S. state prepares to sell as much as $15 billion of bonds in the next nine months to refinance debt and fund public-works projects, and as a surge in fixed-rate municipal issuance sent benchmark rates up by the most in almost four months.
California, already the largest borrower in the municipal market, may offer $4 billion of debt during the week of Oct. 26 to refinance the bonds used by Schwarzenegger to cover previous budget deficits. The budget enacted in July would allow the sale of as much as $11 billion more of general obligation bonds through the June 30 end of the fiscal year if financial markets allow, state Treasurer Bill Lockyer said. The exact sale amount hasn’t been decided.
“If the market is inhospitable, we won’t go,” Lockyer said in an interview yesterday. “We’ll just have to wait and see how the feelings are when we get ready to think about it again.”
Additional bond sales by California would follow an offering of $4.1 billion of general obligation bonds this week.
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They used to. Not sure what is left out there. Used to be one of the largest aerospace industry centers. Oil refineries. And about every thing else. Many have left , but with that many people there have to be many companies left other than high tech. Maybe a good dose of having nothing will convince them to get rid of the libs and turn the people loose. We know they can do anything if given the opportunity. Same with MI,OH, and all the rest. Saw that moron Gov of MI on TV yesterday. She got her clock cleaned by the Gov of Indiana. Ugly skeezer too. She needs to be the 1st to go in MI.
They used to. Not sure what is left out there. Used to be one of the largest aerospace industry centers. Oil refineries. And about every thing else. Many have left , but with that many people there have to be many companies left other than high tech. Maybe a good dose of having nothing will convince them to get rid of the libs and turn the people loose. We know they can do anything if given the opportunity. Same with MI,OH, and all the rest. Saw that moron Gov of MI on TV yesterday. She got her clock cleaned by the Gov of Indiana. Ugly skeezer too. She needs to be the 1st to go in MI.
In 2006 they were 13% of U.S. GDP.
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Democrat Values: Jail for People Who Don't Buy Insurance, Citizenship for Border Jumpers
Political Correctness Will Be The Death Of Us All
Pray For Obama, Psalm 109:8 "Let his days be few; and let another take office."
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10.12.2009
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