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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Thomas A Watson who wrote (451322)	9/1/2003 6:35:08 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 769668

well if your point in that incohesive sentence was that CA is not likely to default, I beg to differ. We had a 38 billion dollar deficit here, but car taxes were recently tripled, so now we are down to 8 billion deficit. This tripling of the car tax amounts to around $450 more to the state PER CAR, so this is sizeable money. And yet, we are still running an 8 billion$ deficit. After the new bond issue being floated now, the CA debt will be roughly equivalent to one years total receipts. A years receipts in debt, and we are running a deficit, AND Moody's keeps lowering the credit rating. You tell me what the answer is. I'll bet you didn't know CA had over $65 billion in debt obligations, did you?