Governor: Tax hikes, spending cuts to fix budget
Schwarzenegger is proposing $4.5 billion in cuts and to raise $4.7 billion in taxes. Spending reductions include: $2.5 billion in education funding for K-12 schools and community colleges, the state’s largest financial obligation that represents about half of its general fund spending; $132 million in funding for the University of California and California State University systems…
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by Matthew Yi, The San Francisco Chronicle.