Governor Arnold Schwarzenegger is entering his last year in office and will give his final State of the State speech tomorrow morning, at 10am.
Schwarzenegger will be setting “the stage for one more fight with the Legislature over a budget that will total $89 billion this year.”
The financial strains facing California show how local governments are still dealing with the recession that began in 2007 even as the national economy recovers from the worst slump since the 1930s. The latest struggle comes after legislators already erased $60 billion in gaps in the past two years by raising taxes, slashing school spending and borrowing, in a political battle that pushed the state close to insolvency.
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