Californians are once again in limbo about the state’s financial
future.
The deadline for getting a $15 billion bailout bond measure on
the March ballot passed Dec. 5 amid a hail of criticisms from
Republicans and Democrats, all claiming to be acting in
California’s best interests. The problem is that political
indecision and intransigence during a time of financial crisis is
in nobody’s best interests.
Californians are once again in limbo about the state’s financial future.
The deadline for getting a $15 billion bailout bond measure on the March ballot passed Dec. 5 amid a hail of criticisms from Republicans and Democrats, all claiming to be acting in California’s best interests. The problem is that political indecision and intransigence during a time of financial crisis is in nobody’s best interests.
Although the Democrat-controlled Legislature and the governor’s office were close on an agreement for a bond measure, there was still broad disagreement over the details of a spending cap. As a result, the governor’s plan never even made it to a vote in the Assembly. An alternative plan by the Democrats also failed to get the necessary two-thirds’ vote.
Gov. Arnold Schwarzenegger has responded to this setback by doing what he does best – appealing to shopping mall masses. His plan is to bypass the Legislature through the public initiative process.
But it’s too late to put anything on the March ballot using that method, so the earliest opportunity for a vote would be November.
This raises questions about what could be done in the meantime. The governor is left to hope that a $10.7 billion bond passed during the last budget cycle is upheld in court. This puts him in an awkward position because he himself had questioned whether the bond, which was approved by the Legislature and not the voters, was legal. But if the bond loses, the state would run out of money in June.
As Schwarzenegger speaks to shoppers, California Treasurer Phil Angelides has taken his anti-debt-financing message to students and educators. He has criticized the governor’s plan at state universities.
It’s time for these elected officials to get off the campaign trail and get back to work in Sacramento.
According to Secretary of State Kevin Shelley, a ballot measure could still go before voters in March, although it may require doing it without a voters’ information pamphlet.
The governor and Sacramento lawmakers should take advantage of the time that remains and work out a compromise. Among other things, they don’t want to be accused of giving up too early.
