If you recall, there were two alternative spending cap measures presented to Schwarzenegger this year. He chose the weak one--that also included all of the borrowing provisions. Here is one article from the Orange County Register, 03/17/2005
Gov. Arnold Schwarzenegger on Wednesday backed a ballot initiative that would require fewer spending cuts than the reform measure he proposed during his State of the State speech in January - an apparent softening of his views on a key element of his reform agenda.The "California Live Within Our Means Act," drafted by members of a business-backed political committee, would let the state budget increase in line with past revenue growth.
Though billed as a solution to California's chronic overspending, the measure's formulas, if enacted a decade ago, would have let lawmakers spend more than they actually spent in four of the last five years, according to state budget data.
In January, Schwarzenegger backed a proposal that would have limited state spending to available revenue and enabled the governor to make across-the-board cuts when the Legislature failed to adopt a balanced budget.
That measure would have prevented the state's current fiscal crisis by forcing lawmakers to raise taxes or cut spending to keep each year's budget in line with available revenue.
The proposal still exists as a bill in the Legislature. But by endorsing the ballot measure, Schwarzenegger is effectively abandoning his earlier idea...
Small wonder...a bill introduced in January that still had gone nowhere by November is one thing and one thing only: DOA.
(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie.Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")