Too Much Borrowing?

Item request has been placed! ×
Item request cannot be made. ×
loading   Processing Request
Read Online Read More Add to Saved list
  • Additional Information
    • Subject Terms:
      CALIFORNIA; UNITED States
    • Subject Terms:
      REPUBLICAN Party (Calif.)
    • Subject Terms:
      DAVIS, Gray, 1942-
    • Abstract:
      The article focuses on the concerns of California Republicans with regard to taxation in Governor Gray Davis' budget proposal. Davis proposed a plan for fiscal 2004 that seeks to close a budget shortfall estimated at $38.2 billion. In addition to $8 billion in tax increases and $26 billion in spending cuts and fund transfers, the plan relies on the state's ability to issue some $10.7 billion in deficit financing bonds. The state issued $3 billion of tobacco bonds in January 2003 near 7% yields. Treasurer Phil Angelides, a Democrat, said he does not support the idea of issuing deficit bonds. He would also like to see education programs fully funded even if it requires additional revenues.