The State of California faces an unprecedented $20 billion cash shortage between this July and October and has requested that the federal government extend its “Troubled Asset Relief Program” (TARP) assistance to the state to allow the state to draw down $20 billion in short-term borrowing from private investors.
Kersten Communications has produced a brief analysis of the situation and the state’s options, titled “California Requests Federal Bailout To Resolve Unprecedented $20 Billion Cash Shortage,” that is available here.
Meanwhile, the Legislature is scheduled to convene tomorrow to begin addressing the situation. The Legislative budget committees will consider the budget solutions contained in the Governor’s May Revise, among other proposals.
The Assembly Budget Committee has a produced a summary of the May Revision that is available by clicking here. The California Budget Project has also produced a summary that is available by clicking here.
KC Fiscal Focus is an electronic newsletter that focuses on California State public policy issues from a fiscal perspective. It is also the primary means for announcing the public release of publications by Kersten Communications–a Sacramento-based consulting firm which specializes in public policy research and analysis. To sign-up for this newsletter click here.
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May 16th, 2010 at 8:05 am
Very good sharing this.