Calif. lawmakers cool to Schwarzenegger bond plan

http://www.forbes.com/business/newswire/2003/11/20/rtr1155998.html
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SACRAMENTO, Calif., Nov 20 (Reuters) - California lawmakers gave Gov. Arnold Schwarzenegger's $15 billion bond plan to ease California's fiscal woes a cool reception on Thursday, saying they are frustrated by a lack of details about the proposal.

One day after the Republican's much-touted finance director Donna Arduin surprised an Assembly panel by abruptly leaving in the middle of a question, a top Senate Democrat said time is running out on a Dec. 5 deadline to get the bond plan on the March ballot.

"The problem is at this point we need specific details," state Senate Budget Committee Chairman Wes Chesbro told a special legislative session called by the governor to address budget problems. "That will be the determining factor."

Schwarzenegger, who took office this week after winning an October recall election, has proposed the bond as a major part of his plan to plug a deficit estimated at nearly $20 billion and lift California's rock-bottom credit rating.

I just don't understand how they wanted every minute detail from Clinton when he was in office. But ask them one or two questions and they turn tail and run. Watsupwidat?

Arnold said yesterday that he deliberately left out the details because he wanted input from all sides. Today's response could be taken as go ahead and write it yourself. I think that this Donna chick is pretty serious and would do just that if pressed.

no Dem fingerprints on this, thanks. Unlike deregulation that the dems signed on to.

Yawn.

If Davis had tried the bond trick he would have been roasted alive.

Birds of a feather flock together!!!

the LARGEST MUNICIPAL BOND EVER OFFERED IN THE HISTORY OF THE US IN ANY STATE AT ANY TIME!

My gosh, these legislators don't get it! They've just rejected being terminated!!!!

details. How Arrogant, How UnPatriotic, How UnAmerican.

Come, we go pan for gold

...proposed the bond as a major part of his plan to plug a deficit estimated at nearly $20 billion and lift California's rock-bottom credit rating.

OK, first of all, a bond does nothing to "plug the deficit." The deficit is still there. You just pay it back with interest later on.

Second, how the heck does borrowing more lift a credit rating? It does exactly the opposite. Bond holders will want a higher interest rate because they would consider a debtor who can't pay its bills to be a poor credit risk.