California’s legislature adjourned from a marathon budget debate after falling one vote short of a $40 billion package of tax increases, spending cuts and borrowing aimed at reducing a record deficit.
Lawmakers went home at 9 p.m. yesterday after spending 28 hours in session while Republican Governor Arnold Schwarzenegger and Senate leaders worked to secure an additional Republican vote for the package of 27 bills. Schwarzenegger made rare appearances at closed-door party caucuses and urged a quick solution to the impasse.
“We are just searching for that one more vote that we need in order to get that budget done,” Schwarzenegger told reporters after the meeting.
Failure of the package would prolong a four-month stalemate over how to counter a record $42 billion deficit that drained California of cash, left it with the lowest credit rating among U.S. states, forced officials to delay paying bills totaling $3.7 billion and halted $3.8 billion of bond-financed construction on schools, roads and other public works.
The LA Times has more details on the fun and games that are going on.
Edit: This is just to good to pass up….
“I think I’ve already taken more financial risk than would be prudent, but I’ve been operating on the theory that we’re going to get this budget done,” California Department of Finance Director Mike Genest said in an interview. “I’ve probably been too hopeful and too optimistic for too long.”
Ya think?