In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Monday, January 04, 2010

California to "aggressively seek new federal assistance"

by Calculated Risk on 1/04/2010 08:40:00 AM

From Wyatt Buchanan at the San Francisco Chronicle: California leaders seek budget help from D.C.

California's political leaders, who are facing the daunting challenge of closing an estimated $20.7 billion budget deficit this year, are looking to Washington for help. Just don't call it a bailout.
"No one is looking for a bailout. We're looking for an investment," [Senate President Pro Tem Darrell Steinberg] said ...

On Friday, Schwarzenegger will release his initial budget proposal for the next fiscal year, and the Legislative Analyst's Office already has called on state leaders to "aggressively seek new federal assistance" to help close the projected deficit.
As the article notes, California sends far more to Washington D.C. then they receive (they are 43rd on the list of states) - we will probably hear more of that argument. Hey - it is an investment, not a bailout!