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Politics : View from the Center and Left
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To: epicure who wrote (102597)1/31/2009 11:39:17 AM
From: Bread Upon The Water  Read Replies (2) of 541906
 
Headline on page 3 of the WSJ today.

"CALIFORNIA TO DELAY $4 BILLION IN PAYMENTS"
Income-Tax refunds, Student Grants and Welfare Checks Fall Victim to Budget Increase.

Excerpt(s) from the story:

"California's Chief Accountant on Monday will be gin delaying nearly 4 billion of scheduled sate payments postponing income-tax refunds, grants college students and welfare checks in an effort to prevent the state from running out of cash"

"For years, California has relied on borrowing, by selling municipal bonds to help get through difficult budgetary situations. But with the bond market dried up--and with a poor credit rating--the state is hard pressed to borrow"

"Since Mr. Schwarzenegger first declared a fiscal emergency in early November, budget talks have stalled because of a three way stalemate: Democratic lawmakers want tax increases and moderate spending cuts, Republican legislators want deep tax cuts, and the Republican Governor wants a combination of the two approaches, as well as relaxations of environmental rules to hasten public-works projects."

Caught in the impasse are hundreds of thousands of California residents, companies, and counties that depend on the state for aid or are waiting for payment of services rendered. Many are concerned that budget negotiations could last months."

Someone once said all trends start in California and move East. Could this be the rest of the nation in 5 years?
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