Angelides calls governor's idea 'lot of hype'

[davidinalameda]

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/01/10/BAGC5GKS9L1.DTL

One of Gov. Arnold Schwarzenegger's political opponents lashed out at the governor's massive public works building plan Monday, saying the 10-year proposal does not increase the state's investment in infrastructure.

State Treasurer Phil Angelides, a Democratic gubernatorial candidate whose job it is to sell state bonds and monitor the state's debt load, said that over the past five years voters have approved more than $42 billion -- or $7.1 billion a year -- in bonds for everything from school construction to parks and stem cell research.

Schwarzenegger's plan, revealed in his State of the State address Thursday, calls for $68 billion in general fund bonds over 10 years, or an average at $6.8 billion a year. A total of $222 billion from bonds, federal funding and other sources would be spent under Schwarzenegger's plan to build schools, highways, prisons, rehabilitate levees

"We need to do more than we are doing -- the governor's plan is full of a lot of hype and has numbers that don't tell the truth," Angelides said.