S&P Boosts California's Credit
California no longer has the worst credit rating of any state
in the nation. The independent ratings agency Standard and
Poor's has upgraded the state from an A-minus to an A.
S&P dropped California to an A-minus three years ago at
the height of the state's budget crisis. Now, says S&P
analyst Gabriel Petek:
Petek: "The state is in a
stronger position to pay its debt obligations under a variety of
…even if the federal government jumps off the fiscal
cliff. So S-and-P now gives California an "A" rating.
That's up from its previous "A-minus," where Illinois now stands
alone with the worst state credit rating in the nation. And
Petek says California could even be headed for an A-plus sometime
soon - if lawmakers resist pressure to increase spending. On
the other hand…
Petek: "What could put them in a
weaker position is if they revert to the previous higher levels of
spending - and then you had a revenue shortfall - that is what we
think could cause another round of credit
Calif. Lawmakers: "It's Time" for Federal
There appears to be significant bipartisan support in the
California legislature for the proposed federal immigration
overhaul under discussion in Congress. But some Republicans still
Twenty Democrats and five Republicans stood together to say
they want Congress to get something done after years of putting it
off. Democratic Assembly Speaker John
Pérez: "We're not going
to sit here and say, if it fails to do this, that or the other
thing, this party's to blame or that person's to blame. It is
our job, collectively, to get success here."
Republican Senator Anthony Cannella expressed confidence that
this will be the year:
Cannella: "This is
going to happen. And if anybody wants to get in the way,
they're gonna be steamrolled over. So there's a lot of
momentum, it's the right thing to do, and it takes a long time in
this country to do the right thing, but eventually it happens - and
I believe now is the time."
The lawmakers spoke on the same day a California Department of
Finance report projected the state's Latino population would equal
the number of whites later this year and surpass it next
Still, not all GOP lawmakers think the federal proposal is on
the right track.
Jones: "The main thing
I'm concerned about is the whole amnesty conversation."
Assemblyman Brian Jones says immigrants in the country
illegally shouldn't be allowed to cut in line ahead of people going
through the legal immigration process. And he's upset that
border security efforts are involved in the Congressional talks at
Jones: "Why isn't that
just already being done? Why do we have to negotiate that
border security? Why does that have to be a deal point on
immigration reform? We should already be doing
California is a border state, and it also has a higher
percentage of immigrants than any other state. So it's likely
that state lawmakers in both parties will keep a close eye on any
federal legislation for how it affects California.