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Major Victory For Arnold

Governor Schwarzenegger has won his biggest victory since taking office last month, signing a budget reform plan that he crafted with Democratic leaders this week. That means his fiscal recovery package will go to voters next March — in hopes they´ll pass his $15 billion bond measure and new spending restrictions.

Schwarzenegger signed the bills in his office today shortly after the state Senate approved them. The proposal passed the Assembly last night. The measure allows the state to borrow to retire this year´s deficit and also requires the Legislature and the governor to adopt a balanced budget. Finally, it creates a reserve fund for bad economic times.