Gov.-elect Arnold Schwarzenegger got a grim briefing on California's budget Thursday, and emerged appearing sobered and calling the state's financial condition "disastrous."
On his second day of meetings with state officials, the incoming governor met with state Treasurer Phil Angelides for a 35-minute morning tutorial. He said afterward that he was worried about the precarious status of billions of dollars worth of bonds used to balance this year's budget. Angelides warned that the bonds are vulnerable to a legal challenge.
The governor-elect, whose usual ebullience was dampened after the meeting, said, "The problem was created over the last five years, and so you can't expect that — even though I've played very, very heroic characters in the movies, but you can't expect me to walk into his office and all of a sudden come out with the answers."
"It will take a while to resolve those problems," he said. "They are very difficult problems, and we are really in a disastrous situation financially."
As Schwarzenegger campaigned to unseat Davis this fall, state officials warned that California's fiscal situation was worsening, and the GOP candidate himself acknowledged that the budget shortfall could reach $20 billion. Still, he projected a sunny optimism during the campaign that he would be able to resolve the budget crisis once he brought in experts to scour the books and curtail spending.
Saturday, October 25
Doesn't it, Arnold? Here's what happens when one goes from public adulation into the unforeseen pile of dog crap he was elected to fix. Let the dancing begin:
Posted by Howard Hoffman at 10:27 AM