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News Link • Government Debt & Financing

Jerry Brown Says California Budget Deficit May Hit $28 Billion

California allegedly "closed" a budget gap of $19 billion this fiscal year and now faces a $28 billion gap next year. However, and as before, Democrats do not want to cut services and Republicans do not want to increase taxes. I have the perfect solution: Let's throw a party and give everyone cookies like president Obama just did, with Republicans tooting their party horns in agreement. Oh wait. I forgot California, unlike the US has to have a balanced budget. In that case, let's rely on the ol' Arnold Schwarzenegger Play, this time on steroids, and "balance" the budget for the next three years by floating $3 trillion in bonds all at once.

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