Assembly Rejects Controller's Authority to Borrow at 12%

On June 18, SB 116 (Calderon) failed to get the 2/3 needed to pass. It would have given Controller Chiang the authority to issue Revenue Anticipation Warrants at a variable rate as high as 12%. The State borrows short term money in July to deal with its cash flow needs, in good times and bad. Last week the Governor revoked his own authority to issue RAWS this year to leverage quick action by the Legislature to balance the state's budget.

Category:

News & Politics

Tags:

• California Assembly
• California Budget

[Sunshine484848]

Thanks, Diane, for being up in Sacramento fighting the big, bad boys who want to spend, spend, spend! You could be home here at the St. Regis having a glass of wine with an ocean view! Instead you are amidst swine :-( How about those bad boys cutting programs that don't matter, like sex change operations, planned parenthood, etc! Our state is in the toilet!

[jsmythib]

wow you are all crazy- that lady tried to save you to...