Former Clinton Aide Leon Panetta Paints Dark Portrait of California's Finances

Kelemen, Jasmina
September 2004
Bond Buyer;9/14/2004, Vol. 349 Issue 31968, p27
Trade Publication
This article presents former chief-of-staff to the U.S. President Bill Clinton, Leon Panetta's views on California's Finances. Citing partisan gridlock and a state government strait-jacketed by initiatives, Panetta said to public finance officials, during The Bond Buyer's 14th Annual California Public Finance Conference on September 12, 2004, that California's finance system is broken and that tough choices will be necessary to steer the state out of its serious fiscal problems. Panetta said that despite being the world's fifth-largest economy and producing nearly $1.3 trillion in output, the state faces an $8 billion to $10 billion structural deficit.


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