Schwarzenegger declares fiscal crisis

[The1calledTKE]

SACRAMENTO, California (AP) -- Saying California's legislative leadership "refuses to act," Gov. Arnold Schwarzenegger declared California in a fiscal crisis, invoking one-time emergency powers to impose $150 million in spending cuts -- largely in social service programs -- without lawmakers' approval.

for full article see...

http://www.cnn.com/2003/ALLPOLITICS/....ap/index.html

[PhiPsiRuss]

Ahhnuld will make mincemeat of those girlie democrats!

[The1calledTKE]

Because he declared a fiscal crisis? lol

[Rudey]

He declared a fiscal crisis so he can make the necessary budget cuts. Seriously we can't even begin to understand how California got into such a mess and why they didn't cut spending long ago. It's ridiculous. Nobody wants to touch their bonds unless they're highly insured - I think Moodys knocked them to Baaa for underlying. You don't know what that means, but it's bad.

-Rudey

[PhiPsiRuss]

Originally posted by The1calledTKE
Because he declared a fiscal crisis? lol

Ya, the Ahhnuld will not wait for problem to get out of hand. He tells girlie legislators "this is how it is done in Caleeforneeia." Now get out of Governators way and let real man run Caleeforneeia.

[The1calledTKE]

Lol let see what programs he cuts then we will see how popular he is.

[PhiPsiRuss]

Just like Machiavelli recommends, Arnold will make the all the tough decisions early, take a hit in popularity, and then things will continue to get better and his popularity will continually rise.

[The1calledTKE]

Assuming it gets better; just depends on how well California's economy picks up and if they keep losing jobs to other states or countries.

[PhiPsiRuss]

Originally posted by The1calledTKE
Assuming it gets better; just depends on how well California's economy picks up and if they keep losing jobs to other states or countries.

It will get better. The California economy can not exist with dynamics that are completely independent from that of the entire US. California will also continue to lose jobs to other states and countries, but job creation may exceed job losses. California needs to take advantage of their next period of economic growth to reduce taxes and government spending.

[godfrey n. glad]

California's economy is already doing a lot better. In fact, the State expects to realize over $2B in verbudget revenue because the economy is improving so much. However, this isn't enough to make up for the structural problems in the budget, so it won't solve the fiscal crisis.