Schwarzenegger Budget Deal Carries $3 Billion Deficit
| By Elliott D. Petty - Oct 8th, 2008 at 4:42 pm PDT |
| Also listed in: Courage Campaign Staff |
What will California lawmakers want for Christmas? A budget compromise that actually balances the budget, unlike the deal made late last month. Last week, Schwarzenegger signaled the state was in bad shape when he sent a letter to U.S. Treasury Secretary Henry Paulson notifying him that we may be requesting as much as $7 billion in liquidity assistance in the very near future. This week the signals get worse. Despite the 85-days late budget deal, we may be $3 billion in deficit by the end of this fiscal year. He actually took credit for his veto and new deal two weeks ago. But he's not smiling now.
Apparently, tax revenues collected recently are far below revenue projections the budget deal is based upon. Who is responsible for projecting budget revenues? The governor of California generally provides a budget provision each May before the constitutional deadline to pass a new budget.
This is why we must squarely place responsibility on the Schwarzenegger for not pushing for a budget compromise much sooner.
With the nation slumping its way into recession, a tumbling stock market, higher unemployment and poor holiday season prospects; California is not in good financial health.
Schwarzenegger may claim to be something President George W. Bush has never claimed, to be a post-partisan leader, one thing is for sure, neither will have much of a positive legacy when their history books are written.
They will go down as failures who made decent speeches, rallied only their partisan supporters and dismantled their local economies with the help of their poor leadership skills.
Its ironic, in Schwarzenegger we have someone who had no political experience before the Davis recall and in W. we have someone raised amongst politics and had executive experience as governor of Texas.
This goes to show that Senator John McCain and Governor Sarah Palin could be absolute failures so long as they share the same economic ideologies held by Bush and Schwarzenegger.
If Schwarzenegger does not act soon to raise revenues and reject Grover Norquist tax policy pushed by Republican state legislators then we are going to find government in a vulnerable position.
These are dangerous times my friend, for health care, public education and public safety.
Apparently, tax revenues collected recently are far below revenue projections the budget deal is based upon. Who is responsible for projecting budget revenues? The governor of California generally provides a budget provision each May before the constitutional deadline to pass a new budget.
This is why we must squarely place responsibility on the Schwarzenegger for not pushing for a budget compromise much sooner.
With the nation slumping its way into recession, a tumbling stock market, higher unemployment and poor holiday season prospects; California is not in good financial health.
Schwarzenegger may claim to be something President George W. Bush has never claimed, to be a post-partisan leader, one thing is for sure, neither will have much of a positive legacy when their history books are written.
They will go down as failures who made decent speeches, rallied only their partisan supporters and dismantled their local economies with the help of their poor leadership skills.
Its ironic, in Schwarzenegger we have someone who had no political experience before the Davis recall and in W. we have someone raised amongst politics and had executive experience as governor of Texas.
This goes to show that Senator John McCain and Governor Sarah Palin could be absolute failures so long as they share the same economic ideologies held by Bush and Schwarzenegger.
If Schwarzenegger does not act soon to raise revenues and reject Grover Norquist tax policy pushed by Republican state legislators then we are going to find government in a vulnerable position.
These are dangerous times my friend, for health care, public education and public safety.
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