Partly cloudy
67.5 ° F
Full Weather
Sponsored By:

State Debt At Limit

Sponsored by:

The state treasurer says California is at its debt limit and cannot sustain any more borrowing.

Treasurer Phil Angelides was reacting to a proposal from advisers to Governor-elect Schwarzenegger to borrow as much as $20 billion this year to wipe out the mounting deficit. Schwarzenegger advisers have said one idea being considered is a big bond issue — as much as $25 billion — that would be coupled with a spending cap — both of which would be put before voters in March.

The bond measure, as proposed, would add about $8 billion to the borrowing already authorized by the Legislature. Angelides says the state has already authorized too much debt and any additional deficit borrowing would — quote –“be crippling to the state´s fiscal integrity.”

Use the Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • Fire Info
  • Weather
  • Dining Guide
  • Classifieds
  • Events
  • Movies
  • Tourism
  • Polls
  • Traffic
  • Media
  • Real Estate