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AM Alert: Cold cash

Monday, June 01, 2009

  • Organization: The Sacramento Bee

The Budget Conference Committee has a busy week ahead.

Members are scheduled to hear public comment today on education, higher education, child care and development. Meetings continue all week.

Tuesday, Gov. Arnold Schwarzenegger is set to address lawmakers at a joint session about - drumroll, please - the state budget with the $24.3 billion hole in it.

State Controller John Chiang pleaded with Schwarzenegger and legislative leaders last Friday to fix the budget deficit "no later than June 15th."

Chiang's letter to them projected that starting July 29, the state won't have the cash needed to meet all of its payment obligations.

If the budget isn't truly balanced, Chiang warned, California will be hard pressed to borrow money to cover its cash flow problem.

FLOOR VOTES: Friday is the deadline for both the Assembly and the Senate to pass their own bills and send them to the other house. The Assembly has 305 bills on file; the Senate, 155.

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