July 10, 2004

California Crisis Deepens. "Preliminary calculations indicate that [Gov.] Schwarzenegger's concessions [to the Democrat legislature] since January have increased 2004-05 spending by $3 billion, raising it beyond the 2003-04 level .. Thus, if the pending budget is enacted, the state will have maxed out its credit cards and will face deficits of $7 billion or more in 2005-06 and around $10 billion in 2006-07 .. ".

MORE -- Dan Walters, "Schwarzenegger's failure makes new taxes inevitable." Posted by Greg Ransom | TrackBack