Good luck with that.
Bloomberg: California leads U.S. state and local governments asking voters to approve $66.4 billion in borrowing for schools, sewers and other public works today as a contracting economy and higher costs damp taxpayers’ appetite for new debt.
Voters in 41 states from Rhode Island to Alaska are weighing the second-biggest slate of bond measures after November 2006’s $78.6 billion, according to Ipreo, a New York-based financial data provider. California has the largest referendum, $9.95 billion in funding for a high-speed rail network, with proposals around the state totaling almost $42 billion.
Taxpayers, who approved an average 82 per cent of bonds on local ballots the past decade, may not be as receptive this year. Wall Street upheaval drove interest rates on tax-exempt debt to record highs, hurt consumer spending, increased unemployment and prompted emergency federal government action to shore up the financial system.
“With voters tightening their own belts right now, I would think they would want government to do the same thing and not take on the new debt,” said John Matsusaka, president of the University of Southern California’s Initiative and Referendum Institute in Los Angeles.
…On average, voters nationwide approved more than four-fifths of the debt proposed at November general elections the past 10 years, according to Ipreo figures. Today’s ballots seek the largest amount of new borrowing during a presidential election.
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