More California Conflict

Finestone, Deborah
June 2003
Bond Buyer;6/13/2003, Vol. 344 Issue 31656, p1
Trade Publication
California Democrats and Republicans seized on the results of June 11, 2003's 11 billion dollar revenue anticipation warrant sale to advance opposing views about whether tax hikes are needed to close the state's massive budget shortfall. Not surprisingly, a poll shows Californians are frustrated with politicians and the state's 38 billion dollar deficit, but they oppose most plans to raise taxes to balance the budget and do not want to see services cut. Republican leaders pointed to strong bidding for the one-year warrants as evidence that California debt remains highly desirable for investors. The results of the sale dispel the notion put forth by Governor Gray Davis and others that a new half-cent sales tax is necessary to secure 10.7 billion dollars in deficit financing bonds proposed by the governor in his fiscal 2004 budget, according to the republican Dave Cox's spokesman Peter DeMarco.


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