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California will get $51B in stimulus funds

Discussion in 'California & Nevada (Northern)' started by frefan, Mar 9, 2009.

  1. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,288
    Good news for you Cali folks. I'm a bit surprised by the 51B, I thought the fund was only 40B for all 50 states?

    http://www.bizjournals.com/sacramento/stories/2009/03/09/daily10.html

    It appears that California will get enough money from the $787 billion federal stimulus bill to prevent additional cuts and tax increases approved in the 2009-2010 state budget, according to a report released Monday by the nonpartisan California Budget Project.

    California and its residents will receive an estimated $50.7 billion from the American Recovery and Reinvestment Act signed by President Obama Feb. 17, including $18 billion in federal dollars that can be used to offset General Fund expenses, senior policy analyst Scott Graves said in a press call Monday.

    Funding in the stimulus package is intended for various purposes. The new state budget specifies that additional taxes and spending cuts will take effect unless at least $10 billion comes from the feds that can be used to offset General Fund expenses.

    Funding designated for California in the stimulus package includes $11.2 billion additional funding for Medi-Cal, the state health care program for the poor, Graves said. There’s also about $5 billion in educational block grants and a flexible $1.1 billion block grant that could be used to meet the $10 billion mark, he said.

    “As we look at the numbers, we think where there’s a will, there’s a way,” Graves said. ‘We think we should be working together to use dollars for state relief to achieve the $10 billion (threshold).”

    State Department of Finance estimates the state will fall $2 billion short, said spokesman H.D. Palmer.

    Next up is a hearing on the issue March 17.
     
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  3. Rifledriver

    Rifledriver Two Time F1 World Champ

    Apr 29, 2004
    27,168
    Austin TX
    Full Name:
    Brian Crall
    Somewhat surprising when you consider Obama doesn't need to buy votes in California. As a state we are already in the bag.

    Might as well take it though, the California cash cow always sends a disproportionate contribution to DC anyway. If we are going to pay for it we might as well benefit from it.
     
  4. spdrcr

    spdrcr Formula Junior

    Aug 2, 2004
    307
    San Jose, CA
    Full Name:
    Matt

    Why is that not surprising to hear? Why hit the goal when CA can take the $50B and still tax the hell out of its residents. Win-win for the politicians and we're the ones who lose-lose.
     
  5. irondogmike

    irondogmike Formula 3

    Sep 8, 2006
    2,170
    San Diego area
    Full Name:
    Michael Tucker
    I hope some of this goes to water treatment plants,bridges,power plants, or just anything to get me back to work!!!!!!!!!!!!! the airport has been keeping us busy but not every ironworker can work out there everyday,I've been working two days aweek,I want to work to keep my ferrari
     
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  7. Way2fast

    Way2fast Formula 3

    May 24, 2006
    2,065
    Santa Barbara County
    Full Name:
    Sam
    Does that mean license fees will not go up?
     

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