Sun, Dec 14, 2003 - Page 6 News List

Schwarzenegger gets his recovery plan


In his biggest victory since taking office last month, Governor Arnold Schwarzenegger signed a fiscal recovery plan that will put a US$15 billion bond measure and new spending restrictions on the March ballot.

The bills, crafted by Schwarzenegger and Democratic leaders, were approved by the Senate earlier Friday, a day after the Assembly approved them. Schwarzenegger and legislative Republicans had pushed for tougher economic measures, but Democrats blocked their attempts last week.

"Today, I'm a happy governor," Schwarzenegger said during a signing ceremony attended by legislative leaders. "The recovery plan that I'm about to sign, I'm very happy about because both parties came together."

"This is a compromise," Senate Republican Leader Jim Brulte said. "What it does is force this state to begin to live within our means. This bill is better than the current situation."

Senators voted 35-5 for the spending restrictions; the 27-12 vote for the bonds was just enough to get that measure on California's March ballot.

The package has many provisions, including a mandate that spending cannot exceed revenues in any year. Long-term borrowing to pay operating expenses would not be allowed, except for the US$15 billion bond.

This story has been viewed 3470 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top