.jpg)
SACRAMENTO, Calif. (KCBS/AP) -- It appears that California's tax revenues will be at least three billion less than expected, so Governor Schwarzenegger gathered the legislative leaders and the state treasurer in his office Wednesday for a rare meeting where everyone from both parties seems to agree that they need to stay calm and manage this crisis together.
KCBS’ Doug Sovern Reports
"Everyone is talking about being on the same page, and marching in the same direction. I think this is very good, that California is in good hands,” said Schwarzenegger.
Incoming Senate President Pro Tem Darrell Steinberg says part of the problem is that California papered over its budget dysfunction.
"The budget that was passed 85 days late, and signed by the governor, was not a very good budget," said Steinberg.
The priority right now is to sell four billion dollars in notes next week, and three billion more down the road, to raise money to close that gap. The governor will pitch those bonds directly in radio ads, and although the state is targeting institutional investors, you can buy them yourself online.
(MGO)
E-Mail Story
Print Story
DW.pageParams = {
siteId: '255'
};
DW.clear();
DW.trackClicks();
