Ahhhnuld will work for food (or $6 billion)

[marmar]

Schwarzenegger Seeks $6 Billion Loan, Orders Cuts (Update2)
By Michael B. Marois and William Selway


May 14 (Bloomberg) -- California Governor Arnold Schwarzenegger proposed the state seek a $6 billion loan from Wall Street and called for deep cuts in education and welfare programs to help erase a resurgent $15 billion deficit.

Schwarzenegger, a 61-year-old Republican, said the state should sell $6 billion of revenue anticipation warrants, a type of cash-flow loan that can be repaid over two years. More borrowing likely will be needed as the fiscal year progresses, he said. He also proposed cutting $6 billion in spending, mostly from schools and colleges. The proposals are part of his annual May revision to the state’s budget plan.

The worsening economy is forcing Schwarzenegger to open a new fight over the budget just three months after he slashed spending and raised taxes by $12 billion in a failed bid to erase what was then a record shortfall. Schwarzenegger said there’s no will in the Legislature for another battle over tax increases, forcing him to find other fixes.

“Sacramento is not Washington, we cannot print our own money,” Schwarzenegger said today. “To look for new revenues is out of the question.”

He also proposed the state sell some of California’s landmark buildings, including San Quentin State Prison, where California’s condemned inmate executions are conducted. The 157- year-old prison occupies prime waterfront property on San Francisco Bay. Proceeds from those sales wouldn’t be available for the budget year that starts July 1, so they wouldn’t provide immediate deficit relief. ...............(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=an_EHvPk84sY&refer=home

[bluestateguy]

1. Empty the prisons of non-violent drug offenders

That will save you a lot of money right there.

[underpants]

2. "61-year-old Republican" ? he was BORN a Republican?

but he is most awesome in what he speaks --Sacramento is NOT Washington