facebook
twitter
rss
account
search
search
 

Feinstein endorses ballot budget measures

Feb. 19, 2004 at 9:58 PM   |   Comments

WASHINGTON, Feb. 19 (UPI) -- California Democratic Senator Diane Feinstein endorsed Thursday Propositions 57 and 58 designed to aid the state's recovery from its financial mess.

Flanked by the Pro-57/58 campaign's leaders, Republican Gov. Arnold Schwarzenegger and Democrat State Comptroller Steve Westly, Feinstein voiced her approval for the measures at an event in Santa Monica.

"By the end of June, California will be facing a major cash liquidity crisis that could cause substantial damage," Feinstein said. "It's time for Democrats and Republicans alike to put aside partisan politics and do what's good for our state."

Proposition 57 provides for a one-time $15 billion economic recovery bond issue to refinance past budget deficits.

Proposition 58 requires the state to have a balanced budget and prohibits bond financing of any future deficits. It also creates a "rainy day savings account" that would be used to pay off existing bond obligations early and help the state through any future financial crises.

© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
China questions Americanism in SATs
2
Dairy Queen hit by Backoff malware breach
3
Plague bomb data found on seized Islamic State laptop
4
St. Paul police arrest a black man for sitting on a bench waiting for his children
5
Elizabeth Warren defends Israeli airstrikes on schools and hospitals
Trending News
Video
x
Feedback