California lawmakers would love to sell bonds to fund ambitious and often worthy projects. Fortunately, voters will have the final say on which projects merit borrowing.
Left to their individual desires, California legislators would go on a massive borrowing binge.
Here’s an example of the opposition bond backers will face when their proposals are debated in the Capitol next month and eventually hit the ballot: He adds that “borrowing costs today are higher than they have been in years,” and that “while Wall Street bond brokers and bond holders will profit from more California debt, voters have to decide if it is in California’s best interest.”
Newsom and legislative leaders — when they finally seriously engage in negotiations — will whittle down the total borrowing to a more voter-salable figure of between $20 billion and $30 billion. It will still likely be a new record for state borrowing — if voters approve.
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