They never learn

[Guest guest]

This is typical of politicians. With the staggering national and state debts and the recent credit crisis, which included warnings from other nations that we are about tapped out, Arnold wants more debt. The bonds he is proposing is nothing more than extra debt. His plan is also the same as the scam the Alabama governor tried some years back. He tried to raise taxes to cover more than twice what was actually needed.That measure was soundly defeated, though it also had some very unconstitutional measures. Arnold is trying to raise three times what is needed today for some nonsense emergency fund. You know they are just going to spend that money as soon as they get it. This aught to be shot down too and the state made to operate on what it can generate normally.

Schwarzenegger to propose borrowing against lottery

By JULIET WILLIAMS, Associated Press Writer Wed May 14, 3:38 AM ET

SACRAMENTO, Calif. - Gov. Arnold Schwarzenegger will propose borrowing against future state lottery revenue to help close a budget shortfall estimated as high as $20 billion, administration officials told The Associated Press.

In a revised budget to be released Wednesday, Schwarzenegger will propose raising $15 billion over three years by selling bonds based on anticipated lottery revenue, then use about $5.1 billion of that for the coming fiscal year to help erase the deficit, the officials said Tuesday.

The other $10 billion would be left in a reserve fund the Republican governor wants to create as part of a budget reform proposal. It would be intended to ease the effect of year-to-year revenue fluctuations.

Both the lottery and budget reform proposals would require approval from voters on the November ballot.

If the lottery plan fails, Schwarzenegger will ask the Legislature to approve a temporary 1 cent increase in the state sales tax to pay for the reserve fund. The increase would last no more than three years.

The governor's revised spending plan backs away from some of the less popular proposals in the $141 billion budget plan he released in January, including a proposal to suspend provisions of a voter-approved initiative that guarantees a minimum funding level for schools.

Instead, the budget proposal will include a $1.8 billion increase in funding to schools over 2007-08 levels. Schools still will lose about $4 billion in anticipated revenue because Schwarzenegger's plan would not include cost-of-living increases.

Adding the anticipated $5.1 billion in lottery bond revenue and saving the $4 billion in education spending leaves the administration with some $6 billion in cuts needed to balance the budget.

"This sounds amazing. How does all this work? It sounds risky, almost like a Rubik's cube budget, not a long-term, structurally balanced budget," newly installed Assembly Speaker Bass, a Democrat, said in a statement.

In remarks prepared for delivery at a budget briefing Wednesday afternoon, Schwarzenegger said the lottery has been an underperforming asset. His plan would let the lottery pay out more in prizes in hopes of attracting additional revenue.

Last year, California's lottery generated $3.3 billion in total revenue.

Democrats and Republicans remain far apart on how to close the budget deficit. A deal requires support from two-thirds of members in both houses of the Legislature.

Lawmakers are supposed to approve a new budget each year by June 15, a little more than two weeks before the start of a new fiscal year. They rarely meet that deadline.

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Associated Press Writers Steve Lawrence and Young in Sacramento contributed to this report.Wondering what's for Dinner Tonight? Get new twists on family favorites at AOL Food.

[Guest guest]

" This is typical of politicians. With the staggering national and

state debts and the recent credit crisis, which included warnings

from other nations that we are about tapped out, Arnold wants more

debt. The bonds he is proposing is nothing more than extra debt. His

plan is also the same as the scam the Alabama governor tried some

years back. He tried to raise taxes to cover more than twice what was

actually needed.That measure was soundly defeated, though it also had

some very unconstitutional measures. Arnold is trying to raise three

times what is needed today for some nonsense emergency fund. You know

they are just going to spend that money as soon as they get it. This

aught to be shot down too and the state made to operate on what it

can generate normally. "

There is another way to acquire the cash without having to raise

taxes or borrow: Comb through the state from top to bottom and deport

all the illegals. You would then have less of a drain on government

services, health care, and a dwindling job market. It would save

billions of dollars per year.

But this is a politically incorrect anti-social suggestion, so no

politician will consider it.

Whatever happens in California, I think they deserve what they get.

Administrator