“California’s taxpayers need to ask more of those we send to Sacramento.”
March 18th, 2009 Categories: Real Estate News, Sacramento Real Estate
Sacramento homeowners aren’t the only ones in trouble…
With the passage of the Obama administration’s economic stimulus package, bank CEOs and homeowners with submerged mortgages (nearly 40% of Sacramento homes are upside down) weren’t the only folks holding their breath, Officials in state governments across the nation also had their fingers crossed.
California officials had originally been counting on about $10 billion in bailout money from the federal government.
If that much were to be made available from the stimulus package, they believed California just might be able to navigate around the tax increases that were part of the recent state budget agreement. But why hasn’t anything hapened yet here in Sacramento?
It’s been a month since Obama signed the bill. Where’s all the money? Californians aren’t the only ones waiting…
“Did we miss a month? Are we slow here or was it just, that’s the way it is?” asked James Metzen, a Democrat from a St. Paul suburb.
Here in Sacramento Gov. Arnold Schwarzenegger and Democrats who control the legislature compete for the funds, as they both want to tap as much of the federal recovery cash as they can. According to my research, now the state could receive as much as $31.5 billion. So on they fight, and on goes the downward economy.
But I guess it’s not that easy as just writing a check…the Democrats in California are still negotiating with their GOP counterparts over fine-print changes in the laws that are needed to bring in federal cash. But they just can’t get it done, They are all fighting over the allocation of the funds, in the meantime, nothing happens.
