Phil Angelides says the state’s debt increases by 78 hundred dollars a minute, every minute.
"Every day we’re adding eleven million dollars in interest, enough to build a new elementary school. It’s wrong and we oughta stop it."
Democrat Angelides, who is an announced candidate for governor, says Arnold Schwarzenegger broke his promise to tear up California ’s credit card and that a tax increase on wealthy Californians is needed to stop the flow of red ink.
H.D. Palmer, spokesman for the Governor’s Department of Finance, notes that the Treasurer’s Democratic allies in the legislature also want a tax hike.
"It might be helpful for them to walk across the street and take a look at it because a number of the proposals that are in their own version of the budget would actually add to that debt clock."
The California Debt Clock is now on display in the lobby of the Treasurer’s office across the street from the state Capitol.