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On the Job for 4 days already; Schwarzenegger's ideas for California
Topic Started: Nov 21 2003, 02:21 AM (166 Views)
Swidden
Member Avatar
Adm. Gadfly-at-large; Provisional wRench-fly at large
So just what are Govenor Schwarzenegger's plas to correct the fiscal mess in California?

Details can be found at the following links from the San Francisco Chronicle:
"Governor has big plans for next few weeks "

"Governor puts rules on hold, raises fears "

Matier & Ross: Public may buy governor's bond bailout package

He has already signed an executive order repealing the tripling of car registration fees. He is expected to repeal the law that grants driver's licenses to illegal aliens (though he may bring it back if there is an adequate background check involved).

His plan, in a nutshell, is to pay down the debt ($15 billion worth) via a bond issue but only if there is a spending cap (state consitution amendment) to go along with it. The hope is that Wall Street will see this as a good thing and reevaluate the State bond ratings. Financing the existing debt is what he believes to be the only viable alternative, though the State Treasurer sees this as passing the buck down a couple generations. The bond issue would, hopefully, be on the March Primary ballot. The deadline to make the March ballot is December 5, about 2 weeks from now. Luckily, the Govenor got the state legislature to convene a special session- though it might mean the politicians will have to work through Thanksgiving (somehow, given the necessity to straighten out the mess, I am not very sorry).

Oh, and the Govenor rescinded about 100 last minute Appointments made by former Govenor Davis...
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jjtrek
Lieutenant Commander
Something tells me I'm glad I don't live in California. <_<

Julia
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Admiralbill_gomec
UberAdmiral
I'm starting to wish I did... now. There is so much pork in our state budget that if we didn't have a growing economy we'd be in serious trouble.
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Swidden
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Adm. Gadfly-at-large; Provisional wRench-fly at large
His latest comments, from a radio talk show he was on yesterday, are that the Republicans had better get used to the idea of a Bond issue otherwise it will come down to tax inceases. He plans on leaving as many social programs as intact as possible and there will still be a need (it seems) to find cuts totaling another $10 billion...

Article Link: "Governor: Pass bond or raise taxes, Schwarzenegger rejects reductions in social programs"
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Cool Vulcan
Captain
I thinks he is doing pretty well for a star.
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