Like him or not, Arnold did not go to Sacramento to smoke cigars and hobnob.
Truth to power bump.
"...wants to create a constitutional requirement that would impose across-the-board spending cuts when revenue falls short..."
We have a similar thing here in Colorado - Tabor.
The state and local govts hate it with a passion. Just say Tabor to a liberal bureaucrat and watch the fireworks. They are required to the voter's permission to raise taxes -- darn! Sort of a bureaucracy for the bureaucrats.
It has restrained spending to a point where we don't have a budget crisis now when the economy is slow. And when the economy is good, we get a nice refund.
Ironically, most of the ballot issues to raise taxes have passed. And still they complain.
Does this bother anyone else?
Good on Schwarzenegger.
Ted Costa has the Fair Districts Now petition already printed up and in circulation, let's see him endorse it and get money behind it!
So long as Arnold doesn't raise taxes, there is likelihood of economic growth that will raise government revenues later that might pay for the borrowing now.