Impact of Prop. 76
The California Budget Project has released a new report on the impact of Prop. 76, should it pass on the November 8th ballot. The take home point is said in the title of the report: Proposition 76’s New Spending Cap Could Require Substantial Spending Cuts. One nugget: "If Proposition 76 had been enacted in 1990, for example, allowable spending would be $12.6 billion below the level signed into law by Governor Schwarzenegger in the 2005-06 Budget." The Governor had previously hinted that the failure of Prop. 76 would lead to new taxes, though in his round of interviews last week he vowed that next year's budget would be balanced tax-free, whatever the fate of Prop. 76. You can read the report here. |
Comments on "Impact of Prop. 76"