Tuesday, January 11, 2005
Budget - 'Get tough' budget unveiled - sacbee.com
Budget - 'Get tough' budget unveiled - sacbee.com: "Despite California's brightening economic picture, Gov. Arnold Schwarzenegger presented a $111.7 billion budget Monday that would hold back money from schools, the poor and state workers to plug a $9.1 billion deficit without raising taxes.
The Republican governor said his 2005-06 spending plan will patch the gap but will not permanently cure the imbalance between tax revenues and costs that has plunged the state into years of deficits.
As he laid out his spending priorities for the coming year, he called for a sweeping and controversial overhaul of state budgeting to take to voters that would prevent spending from ever drifting above tax income again.
'It is an honest budget, and it is a budget that the state needs,' Schwarzenegger said, handing the plan to the state's Democratic-controlled Legislature. 'There are no two ways about it. The cruise control spending is out-of-control spending. The way the budget formulas now work, we will never catch up.'"
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The Republican governor said his 2005-06 spending plan will patch the gap but will not permanently cure the imbalance between tax revenues and costs that has plunged the state into years of deficits.
As he laid out his spending priorities for the coming year, he called for a sweeping and controversial overhaul of state budgeting to take to voters that would prevent spending from ever drifting above tax income again.
'It is an honest budget, and it is a budget that the state needs,' Schwarzenegger said, handing the plan to the state's Democratic-controlled Legislature. 'There are no two ways about it. The cruise control spending is out-of-control spending. The way the budget formulas now work, we will never catch up.'"
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