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.
