Governor Expected To Sign Budget Soon
Joe McHugh, Office of the Governor
Governor Arnold Schwarzenegger has said he could sign the long-delayed state budget agreement as early as Monday. Friday’s vote in the legislature ended the longest budget stalemate ever.
Friday, September 19, 2008
Governor Schwarzenegger says he does not anticipate much of a signing ceremony—because he doesn't see all that much to celebrate. The final state budget plan does not include tax increases— both Governor Schwarzenegger and Democrats had pushed for their own plans. The final measure includes some seven billion dollars in spending cuts—and some measures to increase revenues-- includinga plan to double the penalty on corporations that underpay taxes. However many say the efforts do nothing to address the chronic imbalance between revenues and expenditures. Lawmakers are supposed to have a budget in place by the new fiscal year—July 1st. But disagreements over raising taxes—in part led to the lengthy impasse. In just a few months—it starts all over again. Governor Schwarzenegger must introduce a new budget proposal for the next fiscal year by January 10th.