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Professor Schwarzenegger Explains His Budget Proposal 2008

In his 2008 State of the State speech, California Governor Arnold Schwarzenegger proposed a constitutional amendment regarding the state budget. The proposed amendment was similar to one he proposed in 2005 that rejected by voters. It involves creating a "rainy day" fund during good times to finance spending when the economy turns down. Also involved is a provision for interim budget cuts during periods of fiscal stress. Voters have been resistant to budget caps in the past, for example, under governors Reagan and Wilson. Gov. Schwarzenegger also defended his cutting of the "car tax" when he took office in 2003. The car tax provided revenue to local governments, although it was collected by the state. When the tax was cut, the state had to compensation localities for the lost revenue out of its general fund. Note: This is the second posting of this excerpt. A TV station owner objected to the first version on copyright grounds. This re-posted version is taken from the public feed provided by the California governor's office and is a public document. The excerpt from the speech is otherwise identical to the first posting. The claim of a copyright listed on this video is being guestioned. A notice of dispute has been filed. (Update: After a complaint to YouTube and the TV station owner, the notice was removed. But then it was again reinstalled since the TV station owner apparently uses a computerized system. A new complaint with YouTube and the TV station owner has been filed.
Length: 07:02


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