Assembly Speaker Bass Proposes Passage Of A Stimulus Package During Special Session
California Assembly Speaker Karen Bass
The Issue: California Governor Arnold Schwarzenegger has expressed his intent to call a special session of the California Legislature after the November elections to deal with the projected revenue shortfall of $3 billion in the state. Assembly Speaker Karen Bass has been floating the idea of developing an economic stimulus package and hopes to have a bill approved during this special budget session.
Assembly Speaker Karen Bass has been discussing the idea of an economic stimulus package for several days now. In a press release yesterday, she outlined the major parts of her plan in more detail:
“The California economic recovery and stimulus package I envision includes fast-tracking infrastructure projects already approved by voters. It includes warding off further cuts to our health care safety net when families are losing jobs and their employer based health coverage. It includes help to stop the bleeding from foreclosures that are leaving families, neighborhoods and communities reeling…” – Assembly Speaker Karen Bass
Additionally, she said “I want to make sure we actually have a specific proposal and tat we have the votes for that proposal.”
Analysis: Speaker Bass is getting organized
It’s great to see that in times of economic hardship the Speaker is making every effort to help the people of California and to protect the programs that she feels are highest priority.
I am also happy to see her wanting to reconsider the mortgage industry. Many people are going to lose their homes in the coming year because they were approved for houses they should have never been able to move into in the first place. California lawmakers must attack that problem at the source, rather than forcing banks to accept bad deals on the back end. Reasonable standards in the housing industry are neccessary.
The only concern is the bottom line. The Speaker alluded to Nancy Pelosi and the passage of a Federal Stimulus Plan that will trickle down to the states. Unfortunately, that means we will be issuing bonds and taxing at the Federal level rather than the state level. Something has to give to allow for fast-tracking infrastructure projects and I want to know what we are giving up.
