What does Governor Jerry Brown mean by the "Wall of Debt" that California faces?
A) State debt is so high that it is now impossible to write a budget without a deficit.
B) High debt has accumulated from selling bonds to close the budget gap, borrowing from accounts intended for other purposes, and unemployment insurance loans from the U.S.government.
C) California borrowed stimulus funds and now must repay billions of dollars to the federal government, because it can't account for how the money was spent.
D) Every year the state sells more general obligation bonds, and they are unlikely to be repaid.
Correct Answer:
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Q1: Approximately how large is California's annual general
Q2: Rather than raising taxes currently to pay
Q5: Approximately how much debt does the state
Q6: The state spends most of its annual
Q7: Voters passed a new law in 2010
Q9: The three major taxes in California that
Q9: On average, how long does it usually
Q10: The state's base sales tax rate is:
A)1.5%
B)3.5%
C)4.5%
D)7.5%
Q15: When expenses exceed revenues,the state has _.
A)bonded
Q22: The large bills that accompany the budget
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