Schwarzenegger Wants to Sell the Coliseum, Lay Off 5,000 Employees
Desperate times call for desperate measures. As mentioned yesterday, Governor Arnold Schwarzenegger proposed selling the LA Coliseum, Cal Expo, the Cow Palace in San Francisco and the state prison at San Quentin to help fill the budget gap that could be vary $6 billion, depending on the outcome of next week's election. Because of those differing numbers and the possible ballot outcomes, today he proposed two plans:
- Plan A: If three of the six measures, Props 1C, 1D and 1E, pass, the state budget will stand at $15.4 billion.
- Plan B: If all six fail, which many polls predict will happen, then the state is looking at a $21.3 billion dollar deficit.
Some of his other ideas to balance the budget include laying off 5,000 employees, cutting the school year, slashing more of both UC and Cal State budgets and replacing it with stimulus money and borrowing money from cities and counties, many of which have budget problems of their own.