TITLE

Too Much Borrowing?

AUTHOR(S)
Finestone, Deborah
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
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.
ACCESSION #
9893094

 

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