On politics in the Golden State
September 14, 2012 | 2:34 pm
A leading bond-rating agency outlined on Friday a stark choice for California voters — approve higher taxes for a “striking improvement” in state finances, or reject them and send the state back into the red.
The analysis from Standard & Poor’s was included in a report examining the state’s new bond offering.
Gov. Jerry Brown wants voters to approve $8.5 billion in tax hikes in November and has threatened to cut nearly $6 billion in spending if the taxes are rejected. Most of the money would be sliced from public schools.
The Standard & Poor’s report noted that the “trigger cuts” won’t fully cover the loss in revenue.
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