The CA. Senate has just passed the Budget Act of 2011 by a vote of 23 AYE and 15 NO. There are 40 members of this House which includes 15 Republicans and 25 Democrats. All of the GOP members voted NO except Senator Runner who may not have been present. S.F. Democrat Leland Yee joined the Republicans casting a No vote.
The next step will be to follow the budget voting in the Assembly. Prior to Prop 25 any votes impacting finance required a 2/3rds majority.
If there is no approval after today, based on Prop 25, legislators will forfeit their compensation and per-diem.
In his remarks Sen. Mark Leno stated that “I’m very confidant that in the next few weeks pension reform will be passed” but I will wait to see exactly what appears in the fine print. He did acknowledge that “we can’t afford the level of government” we have realized in the past.
Larry,
You forgot to mention that the “budget” contains the same gimmicks and creative accounting that prior legislatures have used to continually kick the can down the road. Governor Brown promised a budget free of those same gimmicks, but it was reported today that he will consider the budget presented to him, gimmicks and all. So the Democrats in the legislature really don’t care about anything but their paychecks, and the Governor has shown that his word is meaningless. Now there’s a shock.
On a nod to one lefty – I applaud Controller John Chiang for sticking to his promise to enforce Prop 25 despite the greedy Democrats’ attempts to neuter that portion of the proposition. I know he will likely be running for a higher office soon, but at least he will do what he promised in this instance – refreshing for a politician on any side of the aisle.
Jerry Brown has been trying as hard as anyone could, jumping through hoops, to get a balanced no-gimmicks budget, only to be perpetually stymied by the other side. You are pissing me off with your “his word is meaningless” talk. He couldn’t have tried any harder to keep his word.
He could refuse to sign a budget with gimmicks like he promised he would. Then the Democrats would have to provide an all cuts budget and they could blame the Repbulicans to their heart’s content. This smacks as the good Governor simply willing to sign a bs budget so his Democrat buddies don’t have to take a pay hit.
Is today the day?
If the governor doesn’t sign the budget by midnight, they loose their pay?
Cook. That is my understanding of Prop 25 passed by the voters to keep their feet to the fire.
*We love Downtown Jerry Brown……we do!
Just watched the California Channel which broadcast the Assembly takiing similar action, then adjourning for 2 weeks while touting the adoption of a budget by the deadline for a change. Interesting what the loss of pay for legislators after today if they did not enact a budget means with regard to getting the job done. The most puzzling thing was the enacment of two bills dealing with RDA’s. The first one would eliminate them, the second one would apparently create a new RDA mechanism but with some controls and dilution of the revenue ripoff. Norby spoke eloquently about the RDA original intent and abuses, and said he would vote for the first bill but not the second. The author of the two bills then mentioned, for the second time, that the two bills were linked – both must be approved or else both fail. He said this before Norby spoke, and then after Norby spoke just to be sure everyone understood. Then the voting – the tally on the screen showed Norby voting yes on the first one, but no on the second. This would seem to mean that in total he voted against terminating the current RDA structure – a most puzzling pair of votes by our new dad from north county. Overall, both bills passed in spite of Mr. Norby.
FMO,
As expected, the Democrat legislators most definitely did not do their jobs today (and yesterday). All they did was pass some worthless piece of paper that allows them to keep getting paid to do nothing but blame Republicans for the mess that they (the Democrats) have got us in. It’s yet another sad day for California in a string of many with the current majority.
YOu’re saying “current majority” I assume, to distinguish them from the “imminent supermajority.”
is this the most corrupt people who are union owned hacks . this is a lame budget that included ILLEGAL TAX HIKES . CAR TAX AND SALES TX .. they voted just so they get can their checks AND MOST OF THE CALIF ZOMBIES VOTED FOR THE MAJORTY TO PASS A BUDGET OR THEY DONT GET PAID .. = LIKE THAT WILL NEVER HAPPEN .
Folks, look what happened around the globe in one day because of the Greek socialists. Billions of dollars were lost just because of lazy Zorba like leftists.
Nelson, no corporation ever cased such a financial upheaval as your unionized stupid lazy socialist in the Greece.
CALIFORNIA = GREECE
Trading Point Daily Market Review – Asian Session
Euro falls as Greece reshuffles government today
Thursday 16th June 2011
The Euro plummeted across the board as its vulnerability increases amidst uncertainty over the Greek debt crisis. Greek Prime Minister will be reshuffling his government today in an effort to put through austerity measures imposed by the EU. To continue receiving bailout money, the government must introduce yet more reforms, even though they are harsh, such as tax increases, spending cuts and sell-offs of state property. Despite violent demonstrations by the people, Greece has no choice but to carry on with the austerity measures or face default. EURUSD opened Asia at 1.4179 and hovered around those lows to then plunge to 1.4112 before the end of the session
Sterling was affected by risk-off sentiment and was down against the Dollar. After reaching a three week low yesterday, Cable was briefly lifted by investors buying on dips, then its fell to previous lows again. Sterling is expected to remain weak after a spate of weak economic data provides evidence that the UK economy has slumped and interest rates will remain at record lows for now. GBPUSD reached lows of 1.6168.
USDJPY remained around the four-week high that was reached yesterday, trading between highs of 81.04 and lows of 80.82. The Japanese Yen was affected by concerns about global growth, especially the U.S. slowdown, as well as the debt concerns in Greece.
The Australian Dollar continued to slide against the US Dollar after stalling briefly. Even hawkish comments from the Reserve Bank of Australia on Wednesday provided little support for the Aussie dollar. RBA Governor Glenn Stevens mentioned that an increase in interest rates is still likely to be needed to restrain inflation. Gold lost ground against the greenback in the Asian session, dipping slightly. The Aussie is a commodity-linked currency and is affected by movements in gold prices. AUDUSD 1.0524 from the 1.0589 session high.
Gold slipped in Asian trading after the U.S. dollar jumped against other currencies. Gold is seen a safe haven investment and so will likely rebound to advance higher until a solution is reached over the Greek debt crisis. Gold fell from$1,530.68 to $1,524.58.
I hope that you understand, Nelson.
Newbie.
IN YOUR F–NG FACE with your “Brown’s word means nothing.” You’ve got this real problem hating and distrusting on any and all Democrats. Grow past that.