CONFUSED….Here’s a curious thing I just realized while pondering the previous post: Arnold is proposing two things:

  • $14 billion in spending cuts for next year, enough to balance the budget.

  • A $15 billion bond in order to cover the projected deficit.

What am I missing here? Why do we need both?

UPDATE: Ah, I see. The bond measure is apparently designed to cover this year’s deficit. Of course, there is no deficit this year, but Arnold created one by lowering the vehicle license fee, and he’s also afraid that courts will rule our current $10 billion in bonds unconstitutional. Putting the bond measure on the ballot will fix that.

I understand now.