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Schwarzenegger to propose lottery borrowing to close deficit
Plans to borrow against future state lottery revenue and making cut
Juliet Williams, AP
Published: May 14, 2008 06:04
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Excerpt: {magazine_leadin}SACRAMENTO (AP) _ Gov. Arnold Schwarzenegger on Wednesday will propose a plan to close the state’s $15.2 billion deficit by borrowing against future state lottery revenue and making cuts to some state programs. The budget proposal Schwarzenegger will release also backs away from a politically unpopular plan to suspend the state’s minimum school funding guarantee. Instead, he will boost education funding by about $1.8 billion in the 2008-09 fiscal year when compared with current year spending.…
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