Category Archives: California

When California’s budget was passed I noted that it was full of smoke and mirrors. It was based on an optimistic scenario rather than a realistic scenario. So far, it’s only off by $3 billion; the Los Angeles Times notes … Continue reading →

Surprise, surprise: California’s budget, assembled with smoke, mirrors, and lots of hope is already in trouble. Analysts already see a $1 billion deficit and think that $3 billion is a more likely number…and we’re still in October. The fiscal year … Continue reading →

And that’s not good news for Sacramento. The Tax Foundation came out today with their annual report of state tax climates. No surprise, California is the third worst climate, surpassed only by New Jersey and New York. First, here are … Continue reading →

Governor Schwarzenegger warned that California might need a $7 billion loan because the state is currently unable to float a short-term bond. It’s not that a bond issue couldn’t be sold; rather, the interest rate would be quite high. Bluntly, … Continue reading →

Governor Schwarzenegger said he will sign the revised budget bill passed by the Legislature yesterday. I’ll have details on the impact to Californians when I return from Connecticut on Tuesday.

Reports out of Sacramento are that the Big Five (Governor Schwarzenegger and the Republican and Democratic leaders of the Legislature) have reached another budget deal; this deal will include all of Governor Schwarzenegger’s budget fixes. I can’t find anything on … Continue reading →

This morning from the Wall Street Journal I learned that Governor Schwarzenegger has delayed his veto of the budget until Friday. It’s likely there are the votes needed to override the veto; the Governator promised that if that happened he’d … Continue reading →

It’s now worthy of a soap opera. Republican Governor Arnold Schwarzenegger announced this afternoon that he would veto the budget bill that passed last night. He announced that if the budget veto is overridden that he would veto “hundreds of … Continue reading →

Both houses of the Legislature passed a budget late yesterday (possibly early this morning). The $110 billion budget does not include any new general taxes or tax increases (no increase in the sales tax or income tax). The budget does … Continue reading →

There’s still no budget in California. However, the Los Angeles Times reported that Senate President Don Perata (D-Oakland) sent an email to fellow Democratic Senators that he would attempt to work with Republicans to write a new budget that has … Continue reading →