If you read enough, you will find that the $15 billion is not for new spending, or even for current expenses - it is to refinance the borrowing the state has already done in order to take advantage of lower interest rates and save hundreds of millions in interest. The money is already borrowed and spent - the question now is, can we lower the interest being paid? Just like a family refinancing the mortgage when interest rates go down.
The really great news is that Prop. 56 is going down! If that passed, we would see spending and tax increases passed like crazy. Arnold would either have to keep vetoing everything (and get pounded by the Dems in the next election), or cave in on his tax pledge (and lose in the Republican primary in 2006).
If you read enough, you will find that the $15 billion is not for new spending, or even for current expenses - it is to refinance the borrowing the state has already done Actually, if you dig even farther, you will find this to be myth.
In fact, $3 billion of the Bond Revenue is included in Arnold's budget
proposal for NEXT YEAR to supplement continued overspending.