The heart of the proposal is the idea of raiding the state's bottle deposits for the next 20 years and then getting an $8.7-billion loan from Wall Street.
Well, you have to admit they are getting creative on raising revenue.
"State Assembly Speaker John A. Perez on Tuesday outlined an alternative path to balancing California's budget that would raise oil taxes, delay corporate tax breaks and borrow billions from the nickel-and-dime deposits consumers make on recyclable bottles -- and would not require any Republican support. How? A convoluted mechanism that would swap existing state sales taxes for local sales taxes in order to skirt state law that requires a two-thirds vote of the Legislature to raise taxes. Consumers would pay the same on taxable purchases."
Boy, they don't even need the Republicans...that's showing bipartisanship. The Republicans will feel good about this...NOT.
"A spokesman for Gov. Arnold Schwarzenegger called it "legal gymnastics." "The Assembly Democrats' budget proposal includes no real spending cuts and no real reforms -- only legal gymnastics for majority vote tax increases," said Aaron McLear, a Schwarzenegger spokesman."
No kidding, robbing from Peter to pay Paul. I bet it won't work. They will still need additional money. They are only playing games instead of "cutting to the chase". They need to cut budgets, cut government spending and cut entitlement programs. That is the only way they will climb out of the hole. Borrowing more money to pay what they need now will dig the hole deeper.
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