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Home / CA: No Budget, No Infrastructure ProjectsCA: No Budget, No Infrastructure Projects
Last Updated on Monday, 8 December 2008 12:21 Written by rslcpol Monday, 8 December 2008 11:37
It seems the impact of the economy on the states is finally making news. From Capitol Alert:
Treasurer Bill Lockyer, for instance, will tell lawmakers that unless a budget is adopted the state will stop financing construction projects for roads and other infrastructure. That’s not just bond sales for future projects — those will stop, too. It means projects that are underway will no longer be able to draw down cash from the treasurer’s pooled account as the state’s general fund moves toward insolvency. Thousands of jobs could be lost.
“No budget, no state financing,” said Lockyer spokesman Tom Dresslar. “The spigot is completely off. We’re talking about a complete shut-off of state infrastructure financing unless we get a budget fast.”