So what’s the low down on California’s much discussed budget? In order to balance our heavily lopsided books the following small concessions had to be made. Let’s take a gander:
$15 billion in spending cuts. Including schools. Yay.
$11.4 billion in NEW BORROWING. Great.
$12.8 billion in NEW TAXES. Wonderful.
$2 billion from federal stimulus funds from President Obama’s stimuls package signed on Tuesday.
I’m absolutely delighted about the budget passing and the great job the Legislature has done. This is a historic budget. – Arnold Schwarzenegger
Damn right it’s historic. A historic failure. When you are delighted to raise taxes, cut vital human services, deeply reduce spending for our schooling systems AND add to our massive debt load all in one fell swoop, I guess you can classify it as historic in nature.