Schwarzenegger screws California

San Jose Mercury news: California's deficit balloons to $10 billion amid slowing economy. And the $10 billion is an understatement. That's on top of a $4 billion reserve fund that California is blowing through. And that is still based on unrealistically rosy assumptions about tax revenues.

Just a few years after kicking Gray Davis out of office by railing against fiscal irresponsibility, Schwarzenegger has signed the most reckless budget in the history of the state. He has increased spending faster than Gray Davis ever did, and he has created the biggest budget deficit in the history of the state. And it's going to get worse. Just wait until lower property taxes from the real estate bust kick in.

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