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News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
The California Little Hoover Commission (LHC), officially the Milton Marks "Little Hoover" Commission on California State Government Organization and Economy, [1] is an independent California state oversight agency modeled after the Hoover Commission and created in 1962, that investigates state government operations and promotes efficiency, economy and improved service through reports ...
California faced another budget gap for 2010, [8] with $72 billion in debt. [9] California faced a massive and still-growing debt. [10] In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11 ...
The government needs to borrow money to continue paying out what Congress has already approved, but the debt ceiling puts a limit on how much money the U.S. government can borrow to pay its bills.
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Every U.S. state other than Vermont has some form of balanced budget provision that applies to its operating budget. [28] The precise form of this provision varies from state to state. Indiana has a state debt prohibition with an exception for "temporary and casual deficits," but no balanced budget requirement.
Pre-existing is the important term here, as it indicates that the government needs new financing, i.e. more loans, in order to pay long-standing debt. Government debt is used to pay for things ...
The Government Accountability Office reported in February 2011 that managing debt when delays in raising the debt limit occur diverts Treasury's resources from other cash and debt management responsibilities and that Treasury's borrowing costs modestly increased during debt limit debates in 2002, 2003, 2010 and 2011.