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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Republican Reject Dems’ Solution — California on Brink of Insolvency

Republican Reject Dems’ Solution — California on Brink of Insolvency


On Wednesday morning, the first component of the Democrat’s budget revision was rejected in the Senate. Republicans argued the full package of bills falls short of a solution to the problem. The bill voted on today was stripped of tax increases, shifts, revenue accelerations and other accounting gimmicks. It was a “clean” cut bill. Senate Pro tem Darrell Steinberg (D-Sacramento) believed Republicans would not vote no on a bill that only contained cuts but they did so anyway. The Republicans who sided with the Democrats in February have been sharply criticized for doing so. Republicans in both houses are gun shy of participating in solutions that might lead to them being recalled in their conservative districts. Without a budget revision that brings the state into balance, in seven days the state will need to issue Revenue Anticipation Warrants to keep state operations going. The Governor announced last week he will not issue debt to solve the cash crisis.

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