The California Assembly has overwhelmingly approved a budget reform package largely crafted by Governor Schwarzenegger and Democratic leaders.
The proposal would allow the state to borrow $15 billion this year to retire the existing deficit. It would alsor equire the Legislature and the governor to adopt and conform to a balanced budget and calls for the creation of a reserve fund for use during bad economic times.
Assemblyman Darrell Steinberg calls it “a good commonsense measure,” Lawmakers have worked past two deadlines in an effort to reach agreement — first last Friday, then Wednesday night.
If the proposal is approved by the Senate in the coming days, the measures will go to the March ballot.