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Calif. Assembly passes most of US$26B budget plan
Source: Agencies |
July 25, 2009, Saturday
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THE state Assembly has approved a plan to close most of California's US$26 billion budget deficit, sending the package of financial fixes to Gov. Arnold Schwarzenegger.
The Assembly rejected two of the most controversial measures, a plan to take about US$1 billion in transportation funding from local governments, and allowing oil drilling off the California coast for the first time in 40 years. That was to have brought in US$100 million this fiscal year.
The loss of US$1.1 billion from the budget package essentially eliminates the US$900 million reserve fund Schwarzenegger negotiated with Democrats and Republicans.
That will force him to use his authority to make even deeper cuts to close the gap.
The Assembly rejected two of the most controversial measures, a plan to take about US$1 billion in transportation funding from local governments, and allowing oil drilling off the California coast for the first time in 40 years. That was to have brought in US$100 million this fiscal year.
The loss of US$1.1 billion from the budget package essentially eliminates the US$900 million reserve fund Schwarzenegger negotiated with Democrats and Republicans.
That will force him to use his authority to make even deeper cuts to close the gap.
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