"while opponents say it would lead to schools' losing billions of dollars in aid that they would otherwise receive"
That's probably the best part of it!
The government education industry is so corrupt and dumbed down by teachers teaching teachers for the last 40+ years that the only salvation is total destruction of public education.
People have to learn. There is little, if any difference between a liberal Republican and a liberal Democrat. In the long run, marginal results amount to nothing.
---But while Schwarzenegger has made some incremental progress on the deficit, he has been unable to close the gap - and, in fact, exacerbated the problem himself by reinstating a $4 billion-a-year cut in car taxes that the state could not, and cannot, afford.---
The car tax was the biggest source of fuel for the rebellion aganst Davis. Arnold couldn't not cut the car tax.
The schools are an absolute black hole for spending and the center of lefty power in California politics. In terms of influence the schools fill the same role as churches used to.
Voters and lawmakers alike make decisions based on their beliefs about what the effects will be. Almost always, however, major decrees either fail to deliver the promised benefits or have negative ancillary consequences.
Hence I will be voting NO. See:
Proposition 76 - A Conservative Argument for Voting "NO"
Prop 76 is bad legislation being deceptively marketed. Vote NO on 76. Force Schwarzenegger to bring spending in line with revenues. Do not allow Schwarzenegger to continue spending borrowed money. Force Schwarzenegger to proposed balanced budgets and/or veto legislatively approved budgets when they aren't. It's already the law ... or didn't you know?