California Finances

The previous Democratic Governor of California presided over the initiation of a $10B bond issue to carry the State through 2003; but it was challenged in court, and never took effect. The current Governor, Republican Arnold Schwatzeneggar, is now on the stump encouranging a $15B bond issue to provide financing for California's budget deficit. As of November 2003, the state had about $36 billion of General Fund bond debt outstanding. General Fund State spending five years ago was in the $52B range, while the 2004 General Fund spending is anticipated to be $90B. Pump Up Indeed !!