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California admits to a $26.3 billion deficit. That does not include the $3.5 billion the courts have demanded we spend, money that was cut in February.
The proposed budget deal includes $3.7 billion in accelerated tax collections--not new money. It postpones the spending of money. The deal includes cuts that courts will overturn.
The real purpose of the deal is to say the State has a new budget so the Treasurer can sell $10 billion in bonds.
In the real world this is abuse of power.
The real question is when will the voters explode against this fraud? We need an honest budget, not a TV script budget.
On the day this is signed, California will have a "new" $11 billion deficit--by September it could be as large as $20 billion, and the process will start again.
What a waste.
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The proposed budget deal includes $3.7 billion in accelerated tax collections--not new money. It postpones the spending of money. The deal includes cuts that courts will overturn.
The real purpose of the deal is to say the State has a new budget so the Treasurer can sell $10 billion in bonds.
In the real world this is abuse of power.
The real question is when will the voters explode against this fraud? We need an honest budget, not a TV script budget.
On the day this is signed, California will have a "new" $11 billion deficit--by September it could be as large as $20 billion, and the process will start again.
What a waste.
More...