Arnold Schwarzenegger signed the California budget.

California Governor Arnold Schwarzenegger on Friday 20 February, signed a state budget for 2009 fiscal year, reports Reuters.
The budget was adopted by the Senate of 19 February after 45-hour debate. Could not adopt a budget within a few months because of the controversies associated with the discussion of ways to repay the budget deficit of 42 billion dollars. Because of this delay, said Bloomberg, California experienced a serious shortage of funds, and fell to last place in the credit rating among the American states.
To cover the shortfall in the budget provides a significant cost reduction (for a total of $ 15 billion) and higher taxes, including income tax and tax on sales and number of others. As expected, higher taxes will increase the revenue budget at 13 billion dollars. The remaining 14 billion are expected in other ways, including through the issuance of bonds.
The budget also provides for issuance of several important issues related to financing, the vote of the people. As expected, the vote will take place in May 2009, which, as noted by The Los Angeles Times, if the financial arrangements proposed by the legislators will not be approved by the people, once again face a budget deficit.