Monday, September 15, 2008

Will the Budget Crisis End Today?

By Chris Thompson
Mon, Sep 15, 2008 at 7:45 AM

State lawmakers announced Sunday that they have finally put together a budget deal. And as hard as it is to believe, they claim they have found a way to do it without raising taxes or borrowing more money. According to the Associated Press, the plan will involve a combination of $9 billion in spending cuts (can't wait to hear what gets the axes) and closing "corporate tax loopholes" and "accelerated revenues." Unless there's $6 billion in tax loopholes and accelerated revenues to go around, it still sounds like a stretch. The Democratic and Republican leaders are expected to shop the deal around to their members today. Meanwhile, the Sacramento Bee got ahold of some of Don Perata's email, which indicates how little juice governor Arnold Schwarzenegger has with his own party. "Reps won't go on a tax," Perata wrote. "And he has no truck with them to get them." Perata added that Schwarzenegger felt particular pressure to pass a budget now that the threat of a recall hangs over him.

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