Feinstein announces support for Schwarzenegger bond plan

Published 12:14 p.m. PST Tuesday, February 10, 2004

WASHINGTON - Sen. Dianne Feinstein on Tuesday endorsed Gov. Arnold Schwarzenegger's bond plan and warned of dire consequences if it fails, giving a key boost to the Republican governor from California's most popular Democratic politician.

Feinstein's endorsement for Propositions 57 and 58 came on the same day the state Democratic Party was expected to back the measures, which would authorize $15 billion of borrowing and require balanced budgets and a reserve fund in the future.

"These propositions will help the state avert the looming crisis and prevent a similar crisis from developing in the future," Feinstein said in a statement.

"If they fail, I believe the state will be pushed into a period of uncertainty making California's economic recovery very difficult, if not impossible. Companies will not invest in a state that is a cauldron of financial chaos. The problem must be addressed."

Both propositions must be approved by voters March 2 for either to take effect, but polls have shown voters reluctant to support Proposition 57. Feinstein's backing came after personal lobbying by Schwarzenegger and could be key in helping the governor demonstrate strong bipartisan support for his plan.

Pelosi calls Schwarzenegger bond plan 'a necessity'

Published 12:30 p.m. PST Thursday, February 5, 2004

WASHINGTON - Gov. Arnold Schwarzenegger's $15 billion bond plan "is a necessity, unfortunately," House Minority Leader Nancy Pelosi said Thursday. "It's not a good option," Pelosi, D-San Francisco, said during her weekly news briefing. "It's a bad option among many bad options."

Schwarzenegger is seeking bipartisan support for Propositions 57 and 58, which would authorize California to sell $15 billion in bonds and bar future borrowing.

The measures go before voters March 2.

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Last modified: February 5, 2004

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