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Governor Unveils $111-Billion Budget Plan

Governor Arnold Schwarzenegger is unveiling his state budget today.

It´s an $111.7 billion dollar plan that limits state support for all services — especially schools and public health programs. The plan closes an estimated eight billion dollar shortfall next year by holding the line on spending growth in virtually all levels of government.

But it still relies on nearly $3 billion dollars more in borrowing and a bet that California´s economic climate continues to brighten. The budget contains no new taxes. The package also includes constitutional amendments to impose a new spending cap, take authority for redistricting away from the Legislature and base teacher pay on merit.