According to the Silicon Valley/San Jose Business Journal, legislative leaders have said they are in agreement on the "main points" of a $30 – $35 BILLION (yes, with a B) borrowing plan for infrastructure investment.  We hope that Senate and Assembly Republicans will hold firm for pay-as-you-go and other needed reforms.  Without these "must include" reforms, a massive borrowing plan would, in fact, be the financial equivalant of sailing the S.S. Titanic right into an iceberg!

Here is an excerpt from the Business Journal:

A multi-billion dollar infrastructure bond will be on the ballot this fall, the leaders of the California Legislature told a San Jose audience Tuesday.

The Republican and Democratic leaders of both houses say they have agreed on the main points of a bond issue to raise between $30 billion and $35 billion to repair levees and build roads and schools. It wasn’t clear if affordable housing would also be included.

"We are all committed to making this happen," said Fabian Nuñez, Speaker of the Assembly.

Democrats Nuñez and Senate Pro Tem Don Perata and Republicans Dick Ackerman and Kevin McCarthy, who until Monday was the Assembly Republican leader, spoke to the Bay Area Council in San Jose. They appeared on a panel discussion on rebuilding Califirnia led by former San Jose Mayor Tom McEnery. Governor Arnold Schwarzenegger was scheduled to speak later in the day.

The story is here.

This entry was posted on Tuesday, April 18th, 2006 at 12:00 am and is filed under Blog Posts.