Schwarzenegger Signs Budget Into Law
Governor Schwarzenegger Monday signed into law a 117 billion dollar budget for the state of Claifornia.
Monday, July 11, 2005
Schwarzenegger praised the budget for not raising taxes and for paying off some state debt. In addition to being the earliest budget in five years, the governor noted that Moody’s Investors Service was upgrading California’s still low bond rating. At a signing ceremony in the Capitol rotunda, he said kids come first in the budget. "We are increasing our education spending by three billion dollars. A total of fifty billion dollars we are spending on education, which is almost half of the entire state’s budget."
Democrat Fabian Nunez, the Speaker of the Assembly, also praised the budg. "We’re being tight-fisted with your money, but we’re being open-minded towards the needs of all people in this state, so that nobody in California gets left behind."
Both Speaker Nunez and Governor Schwarzenegger acknowledge the state is still spending billions more than it takes in and that talks should continue on ways to eliminate the ongoing structural deficit