"Read my lips: no new taxes!"
He broke faith with the conservative base that put him in office in the first place. Don' blame that dingbat Perot. He merely took what Bush the Elder gave him.
Arnold isn't even attempting to cultivate the support of the conservative base. In future elections he will have to run essentially as democrat and hope his liberalism is marginally more palatable to more democrats than the liberalism of the genuine article.
Read my lips 'no new taxes', Pat Buchanan's brigade, looking at his watch during the debate, to name a few.
He would have lost, with or without Perot, just as party designate Dull Dole lost. So too, will party designate Arnold lose to Tom.