Gov. Arnold Schwarzenegger has proposed $4.4 billion in tax increases and billions more in spending cuts to close a worsening state budget deficit, declaring: "We must stop the bleeding."
Schwarzenegger on Thursday called for a special session of the state Legislature to address a deficit that has grown to $11.2 billion just six weeks after he signed the budget for the current fiscal year.
He said the state's economic condition has deteriorated significantly since then, with a cratering stock market and the continued decline of the housing industry.
Hmm, I guess tax cuts for the wealthy and slashing of social programs was a futile approach after all?
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