State Treasurer On California Budget's Policy Implications

Relying heavily on deficit bonds and debt rollovers, the new state budget has been called "hard to swallow," irresponsible," and downright "ugly" by lawmakers from both sides of the aisle. Perhaps more importantly, Wall Street has looked unfavorably on California's fiscal crisis and political paralysis, downgrading California's credit rating to the lowest of any state in the country. TPR is pleased to present this interview with state treasurer Phil Angelides, in which he analyzes the budget, its impact on the capacity to accomodate the state's inevitable growth, and it's implications for California's long-term fiscal health.