Assemblywoman Bonnie Lowenthal, D-Long Beach, sent an electronic letter to constituents regarding the fiscal crisis in Sacramento. Save for the days of the week in brackets, the words below are hers.
If you are paying attention to the news, you are probably frustrated about the state budget deficit.
I'm extremely frustrated, too.
We've met and voted on a number of cost-cutting bills to keep the state from running out of cash. We met late last week. And we met over the weekend. We met and voted again [Monday].
If we can't get the budget back in order - through spending reductions, cost shifts or revenue increases - the state could very well run out of cash.
That would mean Californiawould have to pay its bills with IOUs, something we've done only one other time since theGreat Depression. That would be terrible for our credit rating, and it would create real hardship for companies and individuals who do business with the state.
These are real people and real companies. They sell supplies or services to the state. They do their jobs and expect to be paid. These are companies with workers and payrolls, and the money they earn turns into money for rent, and groceries, and mortgages.
And they can't pay those things with IOUs.
So we're working. [Sunday], we stayed in session until midnight. And let me tell you, I'm ready to stay in session for however many hours it takes.
The clock is ticking.
I'll keep you posted.
Bonnie
