Dan Walters: California’s ‘wall of debt’ has risen even higher

Jerry Brown devoted the first months of his second governorship last year to dickering with Republicans on placing a multibillion-dollar tax increase before voters.

The negotiations failed, and eventually Brown turned to an initiative. His tax hike measure, Proposition 30, will be on the November ballot.

During his drive for Republican votes, Brown cited repaying “a wall of debt” as a major justification for a tax increase.

During the final years of predecessor Arnold Schwarzenegger’s governorship, as recession deepened and tax revenue plummeted, Schwarzenegger and the Legislature propped up the budget by borrowing heavily, both formally and informally.

Read more here: http://www.sacbee.com/2012/08/03/4688036/dan-walters-californias-wall-of.html#mi_rss=Dan%20Walters#storylink=cpy

via Dan Walters: California’s ‘wall of debt’ has risen even higher.

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