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Bulletin: California Budget Veto Rejects Expedience; Does Not Affect Ratings Jun 11
Standard & Poors, June 2011
SAN FRANCISCO (Standard & Poor's) June 17, 2011-- California's budget situation remains in flux following Governor Jerry Brown's veto of the main budget bill sent to him by the legislature on June 15. The budget package passed by the legislature and vetoed by the governor does not affect the rating on the state (A-/Negative). As Standard & Poor's Ratings Services understands it, the package he vetoed would have relied on a variety of one-time revenues, payment deferrals, more favorable revenue assumptions, and spending reductions to eliminate the remaining $9.6 billion projected budget deficit through fiscal 2012. The governor had already rejected some of these proposals earlier this year because they faced legal challenge or the administration did not view them...
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