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.
Comment on Assembly Democrats push borrowing plan for California budget
kyamamura@sacbee.com (Kevin Yamamura), Sacramento Bee: Politics
Wed, 05/26/2010 - 12:00am
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