Too Much Borrowing?

Finestone, Deborah
May 2003
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p1
Trade Publication
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.


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