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Schwarzenegger Seeks Tax Hike, Deep Cuts

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Oct 29, 2008 12:02 am US/Pacific

Schwarzenegger Seeks Tax Hike, Deep Cuts

SACRAMENTO (CBS 5) ― Gov. Arnold Schwarzenegger is expected to push for a sales tax hike and some deep budget cuts during next week's special session of the California Legislature.

State education leaders said Schwarzenegger told them Tuesday that schools should prepare for $2 billion to $4 billion in additional cuts.

The state is now said to be facing another shortfall of as much as $10 billion this year — despite a budget adopted by lawmakers and signed into law by Schwarzenegger late last month.
 
It had closed a $15.2 billion deficit by making $7.1 billion in cuts, accelerating some tax collections and implementing a variety of accounting gimmicks.

Since then, the economic decline nationally and statewide has become more pronounced, prompting the governor to call the special legislative session for Nov. 5.

The governor's office did not indicate how much of a sales tax increase Schwarzenegger may push for, nor did it publicly provide any further details of the proposed cutbacks.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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© MMIX, CBS Broadcasting Inc. All Rights Reserved.