Ahnold moves ahead with bond deal that won't go to voters ($10.7 Billion)

[UpInArms]

http://www.miami.com/mld/miamiherald/business/7425465.htm

SACRAMENTO - After saying for weeks there was no way to avoid putting a big bond measure on the spring ballot, Gov. Arnold Schwarzenegger quietly gave the green light Friday to a plan to borrow $10.7 billion without voter approval.

Last summer, the Legislature authorized the bond sale as part of the budget agreement signed by former Gov. Gray Davis. But taxpayer groups, as well as many Republican lawmakers, criticized the deal, saying borrowing of that magnitude should be approved by voters.

One group, the Pacific Legal Foundation, filed a lawsuit in September, arguing the proposal to sell $10.7 billion of deficit- financing bonds should be ruled invalid because of provisions in the California Constitution that prevents the Legislature from taking on more than $300,000 in long-term debt without approval of the voters.

...more...

who needs voter approval to borrow money in their names? Not the "terminator" :mad:

[arcane1]

1. reduce debt by getting deeper in debt... genious!

I wonder who'll be getting rich off the interest


shall we start the recall now?



Fuck you Ahh-nold :grr:

on edit-

you know, that steriod-laden golem left a message on my goddamned answering machine telling me to put the pressure on the "legislatahs" to get them to put this cow-shit loan on the ballot. Guess he didn't get many takers.

to hell with the people's choice, they didn't care about our last choice of governor, why care now?

:mad:

[rocktivity]

2. You wouldn't need the bond, Arnie

If you get the nine billion the energy companies owe you!




rocknation

[arcane1]

3. THANK YOU, Rocknation

dammit! Does the dumb-ass even do interviews? Or just fundraisers? Is no one asking him this shit????

:wtf:


:argh:

[The Zanti Regent]

8. He killed Bustamante's lawsuit!

You can kiss that 9 billion goodbye too!

WHERE ARE THE RECALL PETITIONS TO CAN THIS ASS???????

[SoCalDem]

4. So.. if he's borrowing it with only HIS approval,

let HIM pay it back.. He told us in the "recall" that he did not need any extra money..He had plenty of money.. well, Arnie..feel free to pay this yourself :)

[cliss]

5. he heh. This promises to be amusing

I will be following this story with great interest over the next few months. It will be interesting to watch the Terminator struggle to keep his state from terminating.

Of course, he set himself up for this move because he didn't dare talk about cuts before the election, for fear of angering voters. So instead he sold himself as "Santa Schwarzenegger", instead of doing the right thing by cutting wasteful state spending. Talk about a role reversal! Here we are, at the Democratic Underground, chastising a REPUBLICAN for insane spending, and urging him to show some fiscal responsibility.

So -- he's just prolonging the disaster, and possibly making it worse. Too bad about Universal Studios and Santa Monica. It was such a nice state.

[DeathvadeR]

6. What bank in there right mind lends money to a bankrupt business?

[radfringe]

7. wellllll

he did say he would make the decisions for the people....