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Schwarzenegger Signs New Budget

Sacramento, CA — Governor Arnold Schwarzenegger signed the new state budget today which is comprised of 34 bills, $12.8 billion in new taxes, $11 billion in borrowing and $14.9 billion in spending cuts.

The budget still requires voter approval of five bills that will be decided during a May 19 special election. The measures would set a cap on state spending, create a rainy day fund, sell bonds based on future lottery revenue, and shift money from selected social programs.

This afternoon Schwarzenegger also cut an additional $1 billion by using his line item veto authority.