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Calif. Can OK $15 Bil Bond Issue, Or Keep Using Short-Term Debt; A "no' vote on Prop. 57 would renew old tricks; belt-tightening too late.(A)
Byline: MURRAY COLEMAN
Californians face a tough proposition at the polls Tuesday. After years of running up red ink, the state is asking them to approve Proposition 57, a $15 billion bond measure.
Most polls suggest voters will reluctantly approve Proposition 57. But what exactly would happen if Californians reject the measure?
One thing is certain: The state has more than $14 billion worth of short-term debts. And it all comes due in mid-June.
"They've used about as many tricks as they can to deal with their mounting debt problem," said Mark McCray, executive vice president at Pimco, which runs $2.5 billion in California Muni assets.
"If they don't raise enough funds in the bond market to pay off the short-term maturities that come due in June, they're facing a true liquidity crisis. At that point, you're talking about a real state of emergency."
Voters may wonder why the state government can't simply tighten its belt and slash spending. After all, Sacramento got in this mess by ramping up spending - even as tax revenues plunged in the wake of the stock market and tech slumps. But experts say trying to raise $14 billion via spending cuts or tax hikes - in just three months -- is impossible.
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