Jul 31, 2009
In what can perhaps be considered the understatement of the year, while line-item vetoing an additional $489 million out of a budget that had already cut billions, Gov. Arnold Schwarzenegger referred to the budget as “the good, the bad and the ugly.”
The governor managed to eliminate the $156 million deficit in the budget the Legislature sent to him and create a $500 million reserve. This included cutting an extra $489 million, borrowing $50 million from one of the state’s special funds and realizing $117 million in savings from money not spent in the last fiscal year.
