The single most important decision that the legislature will make this year is whether to put a massive infrastructure borrowing plan in front of California voters this year. There is a lot of pressure mounting in the Capitol right now as Secretary of State McPherson has said that the deadline for the legislature to place an item on the June ballot is tomorrow (although many have said there is a week of ‘cushion’ in there).
Everyone in the capitol, the Governor, the Democrat Leadership, the Republican Leadership, all agree on the need for infrastructure investment. However, HOW THIS IS DONE IS VERY, VERY IMPORTANT.
When FR contributor Barry Jantz and I met with two Deputy Chiefs of Staff to the Governor in the hours leading up to the State of the State Address in January, a few key points were stressed to us: the Governor would insist that needed reforms (such as revamping the CEQA process) would be in this package, that there would be a 6% hard borrowing cap in the package, and that the Governor was committed to making sure that this bond measure did not get ‘loaded up’ with spending that wasn’t for basic infrastructure investment.
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