CalPERS, the nationa's largest public pension fund, has urged federal lawmakers and the president to work out a deal on raising the debt-limit ceiling or face catastrophic consequences. The negotiations in Washington, D.C., look eerily like the budget negotiations in Sacramento. Anyway, Bloomberg's James Nash tells the tale.
"Overseers of 10 public pension funds with combined assets topping $1 trillion joined a call for a deal on raising the U.S. debt ceiling, warning that a failure by leaders in Washington would have “devastating” consequences."
"The nation needs the ability to borrow more to avert default, while President Barack Obama and top lawmakers should work to reduce the deficit over the long term, the pension chiefs said in an open letter to Obama and Congress."
"The funds including the California Public Employees’ Retirement System, the nation’s largest public pension, serve 7.7 million active and retired workers in California, Florida, Colorado, New York City, Maryland, Ohio and North Carolina. They joined a group including asset managers such as BlackRock Inc. and Legg Mason Inc. that earlier made public a similar call for an agreement to head off a U.S. default."
“America is now a debtor nation and it must show the world that the nation’s word is its bond,” the pension chiefs including Calpers said in one of the letters released yesterday. “It is critical that the debt ceiling be raised to avoid a default,” the group said. “The huge budget deficit, both current and long-range, is the real problem."
Speaking of dough, a new ruling by the state Supreme Court will make it easier for people who paid money because of illegal taxes to be recompensed. The magic words here are "class action."
From the Chronicle's Bob Egelko: "The unanimous decision in a Los Angeles case overturned lower-court rulings requiring local taxpayers to file individual refund claims."
"In a class action, a representative can win damages that are distributed to an entire group of people affected by the same unlawful action. Class-action status often determines whether a tax can be effectively challenged, said Paul Heidenreich, a lawyer for consumer organizations in the case."
"When only one person can sue at a time, there's little incentive to do so" with small amounts at stake, he said."
The independent redistricting commission's maps are nearing release, and solme believe the new boundaries will reflect long-cherished dream of California Democrats -- two-thirds majorities in the Senate and Assembly.
From the Bee's Jim Sanders: "An independent California commission has set the stage for what could be the largest shake-up of the state's political system in decades – and potentially give Democrats a two-thirds majority in both houses of the Legislature."
"Ending weeks of public hearings involving hundreds of public comments, the California Citizens Redistricting Commission put finishing touches Sunday night on 177 new legislative, congressional and Board of Equalization districts."
"The 14-member panel, scheduled to take a tentative vote Friday, was created by voter passage of Proposition 11 in 2008 to strip legislators of the right to draw their own districts. Its duties were expanded to include congressional maps last year."
Down south, the new districts may be prompting a major political battle for Congress pitting Juan Vargas against Denise Ducheny. The U-T's Mike Gardner has the story.
"Former state Sen. Denise Ducheny said Monday that she is mulling over a bid for Congress now that it appears her Imperial Beach home will be in drawn into a new district that also runs along the California-Mexico border."
"If she does, Ducheny could face a formidable foe in fellow Democrat Juan Vargas of San Diego, who was elected to replace her in the Senate in 2010. Vargas has already declared."
"Incumbent Rep. Bob Filner, also a Democrat, decided to step down to run for mayor of San Diego."
"The prospect of a bruising primary against Vargas “is certainly one of the challenges” as she weighs whether to step into the race, Ducheny said."
And from one half of our "Birds and Bees" file comes the tale of the truck that dumped 14 million bees and lots of honey on a highway.
"Authorities say the semi-truck was hauling the bees from California to North Dakota when the driver veered off the shoulder, tipping more than 400 hive boxes and honey.
Authorities reportedly began receiving 911 calls late Sunday afternoon."
"Fremont County Sheriff deputies say several workers were stung during the first few hours of the cleanup Sunday."
"According to KPVI, officials had to spray fire foam on the truck and bees before responders could join the effort. The spill, which also unleashed a torrent of honey, reportedly required crews from numerous agencies."
Buzz off....
