Wednesday, October 6, 2010

Théâtre de l'Absurde: "California Budget Relies on More Federal Aid, Pension Rollback"

"Daaad, my budget is balanced if you'd just give me 5.3 billion dollars"
Maybe it's time for the adults to take the credit cards away from the adolescents.

From Bloomberg:
An agreement to end California’s longest-ever budget impasse seeks to fill a $19.1 billion deficit by using higher revenue projections and more money from the federal government than what has been promised.

The budget counts on California getting $5.3 billion in federal funds for welfare, education and prison costs instead of the $3.4 billion Governor Arnold Schwarzenegger estimated in May. The plan narrows the deficit by $1.4 billion by using tax- revenue forecasts from the state’s Legislative Analyst’s Office instead of those used by Schwarzenegger in May, according to a copy posted on the Senate website....MORE