Mr. Speaker, the State of California boasts the highest tax rates, the highest number of unemployed residents, the lowest credit rating and largest deficit in the United States of America.
Businesses are leaving the State in droves because the tax burden continues to hammer them. Spendacrats in California have been running their State for decades, just like the new left government in D.C. wants to run the entire country: tax and borrow and spend and spend.
Some spendacrats in D.C. want the American taxpayer to bail out California by cosigning a guarantee for their municipal bonds, placing the full faith and credit of the United States taxpayer on the hook.
Texas taxpayers and other States with responsible government shouldn't be forced to send their money to a State that mismanages its money, wastes its resources and spends money it doesn't have on programs that don't work. Why doesn't California cut its spending binge and addiction to government programs rather than expect the rest of us to bail them out?
Next we'll hear that taxpayers will make money off the California bailout investment, just like we were promised would happen with all the money we gave Wall Street. Yeah, right.
And that's just the way it is.