Advertisement

Archive for Saturday, February 21, 2009

Schwarzenegger signs bills to close deficit

February 21, 2009

Advertisement

— California Gov. Arnold Schwarzenegger and the state’s legislative leaders spent more than three months — and one final, agonizing week — to find a way to plug California’s $42 billion budget hole.

As painful as that process was, they now face a potentially tougher challenge: persuading voters to agree with their solution.

Schwarzenegger on Friday signed a package of 34 bills designed to close the shortfall, the end of a monthslong impasse that culminated in marathon sessions last week by the state’s legislative leaders. But the budget compromise requires voter approval of five ballot measures during a May 19 special election.

The measures would set a cap on state spending and institute a rainy day fund, authorize the state to sell bonds based on future lottery revenue, shift money from certain social programs and guarantee billions more for schools.

Comments

Use the comment form below to begin a discussion about this content.

Commenting has been disabled for this item.