State Spending and Real Estate in California
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Governor Schwarzenegger can’t get enough Republican Senators to approve a budget agreed to by the Democratic majority. We’ll hear a debate between Senators of both parties. Also, with foreclosure rates up 800% since last year, what’s happening to California’s real estate market?
Intransigent Republicans Attack Welfare ()
The Assembly and Senate were supposed to pass a state budget almost a month ago. Last week the Assembly passed a $145 Billion dollar spending plan and left on vacation. Republicans in the Senate insisted the Assembly version was not balanced, and they refused to go along. The budget requires a two-thirds vote so they can hold it up, even though the Democrats are in the majority. Today the Republican Senators got specific about $840 Million dollars in cuts including a $300 Million cut from welfare.
- George Runner: Republican Senator representing California’s 17th District
- Denise Ducheny: Democratic State Senator and Chair of the Senate Budget and Fiscal Review Committee
Foreclosures are up but so is the need for housing ()
From January to the end of March, mortgage foreclosures in California rose 800% as compared to the first three months of last year. Countrywide Financial, the nation’s largest mortgage lender, says delinquencies are up even among customers with good credit.
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Which Way L.A.? is made possible in part by the Ralph M. Parsons Foundation, the Nathan Cummings Foundation, and the John Randolph Haynes and Dora Haynes Foundation, which supports study and research into policy issues of the Los Angeles region.
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