Detailed text transcripts for TV channel - MSNBC - 20120713:19:04:00
Necessarily have that much control over their taxes. so as the state got into trouble, they actually start playing gapes a ining games and different revenue sources. as cities get into trouble, they don't have as many options to try to get out of trouble and they need voter approval to pass any new taxes. so it's kind of a california specific set of problems in that they don't control their revenues. they actually have pretty high expenditure costs in part because of labor contracts and it's not really clear when the housing bubble burst how they were going to make up that money that they no l...
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