CREDIT AGENCY WARNING: L.A. City Council Says, "NO" to Using $40 Million (Council SLUSH FUND) To Help With L.A. BUDGET EMERGENCY! (And it is one!)

LA TIMES ARTICLE ON THE TRAGIC MATTER:

EXCERPT:

Just as credit rating agencies want them to work in unison on erasing a $212-million budget shortfall, Mayor Antonio Villaraigosa and members of the City Council traded threats and accusations on city spending and political leadership.

The council ignored that warning, allocating $389,000 for a new park in the San Fernando Valley and $95,000 for sidewalk repairs in South Los Angeles.

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