Democrats were several votes short of the two-thirds majority they need to pass a budget and tax increases on their own... # Let this be a warning... Liberal Tax/spend means extra inflated goods for unsuspecting voters... Don't expect to see fiscal policy w/out Conservatives to slow down the spending & Tax-payer funded waste.
Image: Arnie; budget signing (Nick Ut)
Schwarzenegger had also demanded the state create a "rainy day fund." The leaders agreed to ask voters to reconsider creating such a fund on the 2012 ballot.
Last year, voters rejected a proposal to build a reserve equal to 12.5 percent of revenue. The new version would ultimately create a 10 percent reserve. [more]
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