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Old 07-20-2009, 09:18 PM
 
Location: Sacramento
13,939 posts, read 25,286,722 times
Reputation: 6808

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SACRAMENTO, Calif., July 20 (Reuters) - California Governor Arnold Schwarzenegger and top lawmakers said on Monday evening they had reached an agreement to close a $26.3 billion deficit to balance the state's budget, ending weeks of lengthy and often tense negotiations.

Schwarzenegger, said during a news conference in front of his office that the budget would introduce no tax increases and would include $15 billion in spending cuts.

"All around I think it is a really great, great accomplishment," the Hollywood icon turned politician said.


UPDATE 2-California governor and lawmakers reach budget deal | Reuters
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Old 07-20-2009, 09:28 PM
 
Location: In a Lonely Place
230 posts, read 548,837 times
Reputation: 259
Quote:
Originally Posted by NewToCA View Post

Schwarzenegger, said during a news conference in front of his office that the budget would introduce no tax increases and would include $15 billion in spending cuts.
Can this be true? Arnold held the line on taxes?? The Terminator was reprogrammed to protect?
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Old 07-20-2009, 09:41 PM
 
6,499 posts, read 10,973,585 times
Reputation: 11079
I'll withhold my judgment until the details are released. I'm not optimistic.
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Old 07-20-2009, 09:41 PM
 
11,715 posts, read 38,112,716 times
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So how do you close a $26B gap with $15B in spending cuts and no tax increases? What are they leaving out? Am I going to pay a new "fee" on every gallon of gas?
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Old 07-20-2009, 09:54 PM
 
572 posts, read 2,347,081 times
Reputation: 306
Quote:
Originally Posted by EscapeCalifornia View Post
So how do you close a $26B gap with $15B in spending cuts and no tax increases? What are they leaving out? Am I going to pay a new "fee" on every gallon of gas?
You are exactly right. There will be no new taxes but there will be alot of new fees and surcharges. I do not trust what they say,not one word.
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Old 07-20-2009, 09:56 PM
 
Location: In a Lonely Place
230 posts, read 548,837 times
Reputation: 259
Quote:
Originally Posted by EscapeCalifornia View Post
So how do you close a $26B gap with $15B in spending cuts and no tax increases? What are they leaving out? Am I going to pay a new "fee" on every gallon of gas?
True. I keep forgetting taxes aren't "taxes" anymore.
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Old 07-20-2009, 10:01 PM
 
Location: Way Out West...
96 posts, read 165,049 times
Reputation: 140
New taxes and fees are just the tip of the iceberg I'm afraid.
The trickle down theory will be taking funds away from cities and counties, leaving no choice but to layoff fire, police, etc.
A sad situation...
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Old 07-20-2009, 10:02 PM
 
Location: Sacramento
13,939 posts, read 25,286,722 times
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The plan will include $15 billion in cuts. The rest of the deficit will be made up by a combination of borrowing, shifting money from other government accounts and accelerating the collection of certain taxes.

Deal Reached To Close California's $26B Budget Gap : NPR (http://www.npr.org/templates/story/story.php?storyId=106833295 - broken link)
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Old 07-20-2009, 10:30 PM
 
11,715 posts, read 38,112,716 times
Reputation: 7547
Quote:
Originally Posted by NewToCA View Post
The plan will include $15 billion in cuts. The rest of the deficit will be made up by a combination of borrowing, shifting money from other government accounts and accelerating the collection of certain taxes.

Deal Reached To Close California's $26B Budget Gap : NPR (http://www.npr.org/templates/story/story.php?storyId=106833295 - broken link)
This is known as:

1) Robbing Peter to pay Paul
2) Creative accounting
3) Plugging the numbers
4) Not fixing the problem
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Old 07-20-2009, 10:31 PM
 
Location: RSM
5,113 posts, read 18,539,523 times
Reputation: 1904
Quote:
Originally Posted by EscapeCalifornia View Post
So how do you close a $26B gap with $15B in spending cuts and no tax increases? What are they leaving out? Am I going to pay a new "fee" on every gallon of gas?
Well, some of the deficit is from dwindling collections, which are bound to rebound eventually. They'll probably borrow shortterm to cover until receipts rebound.
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