California's Budget Fight Gets Nastier

Finestone, Deborah
June 2003
Bond Buyer;6/10/2003, Vol. 344 Issue 31653, p1
Trade Publication
As California counts down to the deadline for passing a fiscal 2004 budget, the political logjam continues to worry investors as the state markets 11 billion dollars in revenue anticipation warrants in the week of June 9, 2003. Lawmakers are supposed to approve a budget package by June 15, but Democrats and Republicans appear far from a compromise, so many expect the deadline to be missed, despite pressure from state officials and the investment community. Republican John Campbell prefers the budget proposed by Assembly Republicans earlier in 2003 that closed the 35 billion dollar budget gap without tax increases, mainly through program cuts and a large deficit borrowing, which Democrat Gray Davis has since supported.


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