Look who is next ask for Obama bail out??!

6/2/09

Not surprisingly, look who will be next for Obama bail out? It is the state of California. Read the following:

""Declaring that "California's day of reckoning is here," Gov. Arnold Schwarzenegger said today the state should turn its dire budget straits into an opportunity to make government more efficient.

Speaking to a relatively unusual joint session of the Legislature and other constitutional officers, Schwarzenegger acknowledged the billions of dollars in spending cuts he has proposed to close a $24.3 billion hole in the budget will be devastating to millions of Californians.

"People come up to me all the time, pleading 'governor, please don't cut my program,'" he said. "They tell me how the cuts will affect them and their loved ones. I see the pain in their eyes and hear the fear in their voice. It's an awful feeling. But we have no choice.

"Our wallet is empty. Our bank is closed. Our credit is dried up."

The short-term problem faced by lawmakers is closing the budget gap in time for state officials to go the private investment markets and borrow billions of dollars to get the state through the first months of the fiscal year that starts July 1.

State Controller John Chiang has warned that without such loans, the state's coffers will run dry by the end of July. Chiang said last week that as a practical matter, the budget must be patched up by mid-June in order to give officials time to borrow the money.

To do that, Schwarzenegger has proposed a plan that relies partially on accounting maneuvers and borrowing funds from coming fiscal years, but mainly on deep cuts in nearly every program funded by state government.

Those range from cutting spending on K-12 schools, community colleges, the University of California; releasing some non-violent prisoners a year early; closing 80 percent of the state's parks, and wiping out or paring back on health and social service programs for California's neediest residents. ""

My comments: Are you all ready Mr. President will be the superman again to waste our money to bail out state of California very soon. Whats your bet? I see he will very soon. In term of production measured by territory GDP. Aside state of California's GDP is ranked #5 in whole global world. Yes, you are right. It is even bigger than India, England, France,...whatever countris you can think of. It is another gaint blackhole that our government is going to dump US$$$ away. WTF, WTF......Are we insane??! I am not but white house people do not care. Good luck to everyone especially people living in Sunshine State California. Have you recently enjoy any fruits from CA??!