Governor Delivers State of the State Today,
Budget Expected Thursday
Governor Schwarzenegger delivers his fifth State of the State address today, with much of the speech expected to center around the state’s ongoing fiscal crisis. The release of his proposed 2008 budget and formal announcement of a special legislative session to address these fiscal issues is expected Thursday.
Once the special session is announced, the legislature will have 45 days to act, likely setting the stage for a protracted partisan debate over spending cuts and the specter of new tax proposals to meet the shortfall.
The governor has reportedly met with school, local government, health and social-service providers to warn of across-the-board budget cuts of as much as 10 percent. While OCBC supports the state’s commitment to education, public safety, environmental and healthcare priorities, it is clear the governor and legislature must work together to eliminate structural deficits in the budget and reduce government spending in excess of revenues.
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