Doom and Gloom in California
There's something about the word "doomsday" that makes my ears perk up, even when we're just talking about fiscal doomsday, rather ...
There's something about the word "doomsday" that makes my ears perk up, even when we're just talking about fiscal doomsday, rather than, you know, the apocalypse. The Los Angeles Times has the latest gloomy news from California:Reporting from Sacramento -- Legislative leaders are weighing contingency plans for a potential fiscal "doomsday" if a slate of ballot measures designed to balance the state budget fails in the May 19 special election.
Gov. Arnold Schwarzenegger and the bipartisan team of lawmakers pushing the half-dozen propositions continue to insist that the campaign has just begun and can still be won despite a recent public opinion poll showing all but one measure trailing badly.
But, behind the scenes, elected leaders and staffers have begun brainstorming additional budget cuts that might be necessary. That effort comes little more than a month after Schwarzenegger signed a budget that slashed spending and raised taxes to fill a $42-billion deficit.
These ballot measures probably won't get the same national attention the New York special congressional election received or the same attention the Virginia and New Jersey governor's races will receive. But, in terms of actual policy implications, no vote in 2009 is likely to be more important.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
The Week in Public Finance: Moody About Ratings, the Worst-Funded Pension and Data Disappointment18 hours ago
Some States Call for Bigger Cuts in Greenhouse Gas Emissions22 hours ago
Jeb Bush’s Medicaid Fix: More Choices, Fewer Benefits?22 hours ago
Ex-Virginia Lawmaker Vows to Marry the Teenager He Got Pregnant (and Run for Senate)22 hours ago
6 Baltimore Police Officers Indicted in Freddie Gray's Death22 hours ago
Judge Legalizes Gay Marriage in Alabama, But Not Yet23 hours ago