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Schwarzenegger declares California fiscal emergency

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  1. #1
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    Post Schwarzenegger declares California fiscal emergency






    Schwarzenegger declares California fiscal emergency
    By Jim Christie

    SAN FRANCISCO July 28 (Reuters) - California Governor Arnold Schwarzenegger declared a state of emergency over the state's finances on Wednesday, raising pressure on lawmakers to negotiate a state budget that is more than a month overdue and will need to close a $19 billion shortfall.

    The deficit is 22 percent of the $85 billion general fund budget the governor signed last July for the fiscal year that ended in June, highlighting how the steep drop in California's revenue due to recession, the housing slump, financial market turmoil and high unemployment have slashed its all-important personal income tax collection.

    In the declaration, Schwarzenegger ordered three days off without pay per month beginning in August for tens of thousands of state employees to preserve the state's cash to pay its debt, and for essential services.

    California's budget is five weeks overdue, joining New York among big states with spending plans yet to be approved, and Schwarzenegger and top lawmakers are at an impasse over how to balance the state's books.

    Analysts say it could be several more weeks before the Republican governor and leaders of the Democrat-led legislature reach an agreement, a delay that threatens to lower the state's already weak credit rating, now hovering just a few notches above "junk" status.

    "Without a budget in place that addresses our $19 billion budget deficit, every day of delay brings California closer to a fiscal meltdown," Schwarzenegger said in a statement.

    "Our cash situation leaves me no choice but to once again furlough state workers until the legislature produces a budget I can sign," he wrote.

    Schwarzenegger's declaration noted the state's government is projected to run out of cash no later than October should its budget stalemate persist, as expected.

    California has a long history of nasty and lengthy budget battles.

    Last year, the fight over a spending plan dragged on so long the state controller had to issue IOUs instead of payments to vendors to conserve money for priority payments, including payments for education programs and for investors holding the state's bonds.

    IOUs AS EARLY AS NEXT MONTH

    Schwarzenegger's declaration noted State Controller John Chiang has said he could be forced to issue IOUs as early as next month because of the budget impasse.

    Schwarzenegger has proposed slashing spending to balance the state's books, an approach rejected by Democratic lawmakers. Their leaders in the state Senate and Assembly are trying to draft a joint plan likely to include proposals for tax increases to rival the governor's budget plan.

    By ordering furloughs, which he also did last year, Schwarzenegger is bringing pressure on state employee unions allied with Democratic lawmakers on the heels of losing a courtroom battle to cut state employees' pay to the federal minimum wage to bolster the state's finances.

    Schwarzenegger's new furlough order was instantly condemned by labor officials as a political ploy.

    "To once again force state employees to take unpaid furloughs is just another punitive measure by Governor Schwarzenegger because he couldn't impose minimum wage," said Patty Velez, president of the California Association of Professional Scientists.

    The declaration exempted state employee bargaining units that recently agreed with Schwarzenegger's administration to new contracts that include reduced pension benefits.

    Schwarzenegger has said he will only sign a budget agreement if it includes an overhaul of the state's public pension system, which includes the California Public Employees' Retirement System, the biggest U.S. public pension fund, which he says poses one of California's greatest financial challenges going forward.

    Schwarzenegger clearly has no qualms in the final months of his final term about pressuring lawmakers through the wallets of one their top constituencies, said Pete Peterson, executive director at the Davenport Institute at Pepperdine University's School of Public Policy.

    "It's an indirect play," he said. " ... these past few months there has been a much more confrontational relationship between the governor and the unions."





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  2. #2
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    California is hurting, and next year it's projected to be worse.

    Glad I'm not there.....
    It's an accurate statement that our current spending will not be increasing the debt We've stopped spending money that we don't have.

    -- Jack Lew, then director of the Office of Management and Budget, in Feb. 16, 2011 testimony before the Senate Budget Committee.

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    Maybe check some tax id's and see when the last time some of those have worked, that are still collecting SSI and other benefits. I shouldn't complain, I guess if I wanted to get so fat that I couldn't work...I'd be in the right state to collect.
    (I'm sorry) I live in this piece of S***! state


    Being here with you people, makes me see much more then such lack of desire and efforts
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    that state can go fuck its self, its always the state with the most fags and mexicans protesting and all that gay fuckin shit

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    Quote Originally Posted by Big Smoothy View Post
    California is hurting, and next year it's projected to be worse.

    Glad I'm not there.....
    Yeah, it's bad for most people out here. I was going to go back to school to get my teaching credentials, but they are actually laying off teachers right now. I'm just glad I have this job with Manhattan Beach. They pay their employees better than anyone else in SoCal.

    The immigration problems and poor school system that we have don't help either. There is a growing lower class that is sucking the state dry.

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    they keep electing the same people.. they're digging their own grave.


    i live in illinois, I can relate..we're next. Blago is a joke to everyone now, but this state elected the hairdo twice!!


    they boycott Arizona for trying to prevent themselves from following in their footsteps by doing nothing about immigration. I feel bad for the people, but they collectively did it to themselves.

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    elected officials should try this method:

    Look at the amount of money they have to spend and plan a budget within those boundaries.

    Instead, they look at the amount of money they want to spend, spend it and then try and come up with ways to cover those expenses.
    " A cookie without sugar is just a cracker" ~ ancient voodoo proverb
    "A man with infinite patience is never left waiting."~ROID's past incarnation

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    Quote Originally Posted by ROID View Post
    elected officials should try this method:

    Look at the amount of money they have to spend and plan a budget within those boundaries.

    Instead, they look at the amount of money they want to spend, spend it and then try and come up with ways to cover those expenses.
    Exactly. They don't, and people don't punish them by voting them out.

  9. #9
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    Everyone thinks they can survive on bail-outs from college kids milking their parents to multi-national corporations and now States....this is the bail-out era......who will lend me money so I can bail-out of this planet, maybe go to Titan and start an underground colony....
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    but oh they have yet to be experienced and that makes aging so very worth it...ML circa2012

  10. #10
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    they should have done that 15 years ago
    If you strike me down(ban me)I'll become more powerful than ever.. Don't say i don't warn you.


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