“We have over a 20 billion dollar budget hole now. When you find yourself in a hole, it’s time to stop digging and it’s time to start cutting.”
For Republicans – and Governor Schwarzenegger, that means no new taxes. As in years past, that puts them at odds with Democrats, who say new taxes should be considered. Democratic Assembly Speaker John Perez says despite party differences, he’s hoping an open budget process will help lawmakers reach a deal on-time:
“I don’t’ think there’s any value in delaying action. When you have to make tough decisions, they don’t get any easier unless you drag them out.”
That may be true, but if history is any guide, the odds of a budget deal by the start of the new fiscal year in July are incredibly slim.