California Republicans Shoot Down Tobacco As Way to Pass '04 Budget

Finestone, Deborah
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p3
Trade Publication
Senate Republicans in California promptly refused a proposal by Democrats to issue more bonds backed by the state's national tobacco settlement proceeds as part of a budget plan to eliminate two of three previously proposed tax increases. The Democratic caucus proposed securing about $1.3 billion in debt from the master settlement, as well as using $2.4 billion in federal aid to avoid raising taxes on cigarettes and high wage earners, as proposed by Governor Gray Davis, a fellow Democrat. California issued $3 billion in tobacco bonds in January as part of a plan last year to use the settlement receipts to help close that year's budget gap.


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