Reuters - Video

Edition: U.S. | U.K. | IN | CN | JP

Top News

Breakingviews: California water float

Tuesday, August 12, 2014 - 03:32

Antony Currie and Reynolds Holding discuss why the drought-stricken state's proposed $7 bln bond for reservoirs and the like is just a drop in the bucket.

▲ Hide Transcript

View Transcript

Water is of course the big story in the nation's largest state California which is suffering through a record drought but there seems to be some progress. The governor and the legislature. Are near agreement 987 billion dollar bond issue for new reservoirs -- -- Anthony that sounds like a lot of money but is this the proverbial drop in the bucket. Well looks like and it is 26720. Billion it is a lot of Nate should. Do some. Do some good over the next she is a seeming goes ahead this problem is that California has got. We need to the next thing -- -- means 45 to fifty billion dollars less. Improvements on this infrastructure and get a low -- current California has got. Dates the -- dates back a hundred he has been right when they so excited tapping the Owens -- -- back it's -- nineteen Ceci nothing that I and they gradually increase the number Chinatown real who wanted to write this Watergate source of such so. That 45 billion dollars to two. Why or -- it in a drought so yeah and -- I think it's it's updating infrastructure making sure their own leagues is making shall there. To you got the right kind of present laws that working properly. Well the couple is -- -- -- the state is growing relatively quickly it's it's almost travels population costs 5060 is the site. Because it has a very big farming industry refuses 82 senses as states develop tools and resources -- farming industry is. Is subsidized is well there certainly got that creates a great deal of issues but trying to come up with its bond. Have a problem with the bombs I is that in California can't just say but we need money for what projects will -- raise money. He get that happened in Washington DC recently displaced hundreds -- bombed. To help updated sewage system costs 350 million took -- very different map money but he California. The legislature and the governor come up with the idea and voters get to approve and interject balance into November yet. And it's been rejected -- -- and what's the big problem I mean these people don't have enough water. I am not willing to spend the -- and it wasn't because why and how well the biggest issues -- they look at the look at previous since this is an eleven billion dollar bond plan in five years ago that failed. And the -- is on the ballot yet. And that it was sort of poll do you see you know natives who are stuffed in that it wasn't and do the job properly. But this well this is funny and get this guy can get infrastructure -- you should do but. What you really need to do it's -- out more efficient ways of using this wolf says such. To Californians Thomas really need to reduce all of crops like today does it go to the salmon -- exactly -- Public -- -- say California that regular recite things up front but the best place on the planet reciting -- -- -- we sunk about 8% of domestic will grills can address worries and 20%. California's warnings April but the next best countries Spain with about 20% -- as a long way to go this is one small step. Fresh each state is it to matter he's going to Europe. Well you've got I think I think that -- is six million acre feet of water deficit that's how much is being taken a year and beyond what the sake of interest and big problem big story will be watching that as well as others in the mean time stay tuned. For more breaking news tomorrow.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Breakingviews: California water float

Tuesday, August 12, 2014 - 03:32