California on the verge of collapse – Could be out of money by July – all this and now Hussein Obama is threatening to pull the state’s $6.8 billion in stimulus funds to PROTECT THE UNIONS!

With the unemployment rate in the US now at a 26 year high at 8.9%, and various liberal biased newspapers/sites like Politico and the New York Times saying “Employment is doing well”, the country’s largest economy, Despite the budget fix enacted in February, the state is on track to come up $23 billion short of what it needs to get through the year, the Legislature’s chief budget analyst says. More from the LA times:

Reporting from Sacramento — California could run out of money as soon as July, the Legislature’s chief budget analyst warned Thursday, as a new poll showed voters poised to reject five budget-related measures on the May 19 ballot.

If the propositions do not pass, the state could find itself as much as $23 billion short of the money it needs to pay its bills over the next year, according to a new forecast by Legislative Analyst Mac Taylor. The poll, from the Public Policy Institute of California, found that even as voter interest in the ballot measures rises, all are trailing except the sixth one — Proposition 1F, which would bar pay hikes for lawmakers in deficit years.

* Villaraigosa’s $7.05-billion budget calls for 10% cut to personnel costs
Villaraigosa’s $7.05-billion budget…

*
Los Angeles area could lose $300 million to state budget balancing
*
L.A. County budget unveils $22.8 billion for next fiscal year

The other measures would provide the state with as much as $6 billion in the coming year through borrowing against the California State Lottery and temporarily reducing some social services.

One proposition, 1A, which barely one in three likely voters supports, the poll shows, would extend recently enacted tax hikes until 2013, plumping state coffers by another $16 billion.

All of the proposals were placed on the ballot by the governor and lawmakers as part of a February budget agreement. That plan was intended to keep the state solvent well into next year, but it was quickly knocked out of balance by the deteriorating economy.

No TweetBacks yet. (Be the first to Tweet this post)

May 8, 2009 · Filed Under California, Democrats


Comments

  • Jon

    California has always represented the lead in social and reform legislation/judicial activism and what has this given in return: imminent bankruptcy.

    America, as California goes, so goes the Nation. The next step by the Obama Administration will be to nationalize the state that once was the model for the rest of the country, but will soon become a burden to all. California is going under with high taxes, high unemployment, and a state government intent on pushing what is left over the cliff.

    Look at California and what happens to it over then next few months. As Obama spends money that has yet to be made and, despite this fact, outlines plans to spend even more in the form of Cap and Trade and National Healthcare, California gives us a glimpse of our future.

    It is not pretty and may very well end what once was the greatest nation on earth. Socialism has never worked and, even with Obama behind the wheel, the result will be the same.

  • renee traylor

    we need to give obama the boot and schwarzenegger the boot,get them out of office,obama is spending money like its free,taking his family on expensive vacations while his people suffer and they use our money to party on while our families go hungry,arnold schwarzenegger has the little man attitude,hes richer than rich,and is stealing the states monies to give to others who dont work,like druggies and such,giving them our money to go buy more drugs,killed our economy to no comeback!our country must be high or stupid or week,arnold and obama have nothing to offer this country,neither is highly educated,both cheated in school,and now there running our country??? we might as well let charlie manson run our country!both the president and the govenor of california are ignorant imigrants and wanted the jobs they have for money and power,could care less about the people,we need to get them out,they are stupid and should NEVER been allowed to run for any office in america!!schwarzenegger neds to be in prison for what hes done with the furlough days,really,he belongs behind bars,hes nothing but a ignorant dumb immigrant.just a low life is the easiest way to explain him!!he is a criminal,he should be in prison,not just terminated from office!!sice when do we give a movie star a job of running our states or our country,whats wrong with people,arnold is a no brainer airhead,and obama is just another black man spending all our money on stupid crap!hes done nothing for this country except print money and spend it on his own self and parties and clothes and cars and diamonds for his so called wife!!they both belong in prison! lets put them there and make an example out of them!!