Assembly Democrats weighed in Tuesday with their own state budget plan that relies on borrowing nearly $9 billion from Wall Street and installing a new tax on oil production to pay back that loan over 20 years. Their proposal would block all social service cuts in Gov. Arnold Schwarzenegger's plan to resolve a $19.1 billion budget deficit, sparing the state's welfare-to-work and subsidized child care programs from any reductions. The plan also relies on suspending about $2 billion in corporate tax breaks and a $500 million loan from the state disability insurance fund. Assemblyman Bob Blumenfield, D-Woodland Hills, chairman of the Assembly Budget Committee, called the proposal "a paradigm shift" because he claimed it did not rely on across-the-board tax hikes, significant cuts or serious borrowing.
Assembly Democrats Push Borrowing Plan For California Budget
kyamamura@sacbee.com (Kevin Yamamura), Sacramento Bee: Politics
Wed, 05/26/2010 - 12:00am
Topics: the assembly democrats gov arnold schwarzenegger assemblyman bob blumenfield d-woodland hills assembly budget committee republicans aaron mclear but assembly democrats the assembly democratic senate democrats wall street schwarzenegger borrowing plan tax state billion cuts loan proposal fund oil million pay production recycling vote years relies propose majority money avoid spending real hikes
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