Gov. Jerry Brown’s proposed budget contains no provision for a reserve. Without a financial cushion, some say, California may be more vulnerable to drops in revenue.
By Chris Megerian, Los Angeles Times
April 28, 2013, 4:14 p.m.
SACRAMENTO — Arnold Schwarzenegger persuaded voters nine years ago that if they let him borrow money to cover the budget deficit, California’s financial woes would end for good. A key part of his plan was a new rainy-day fund to insulate the state from further crisis.
“It will be a whole new ball game,” Schwarzenegger said. “Trust me.”
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