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Governor Signs 2008-09 Budget: Plan Includes Deep Spending Cuts, Massive Future Tax Breaks, Debt, and Budget Process Changes

Thursday, September 25, 2008

  • Organization: California Budget Profect

On September 23, Governor Schwarzenegger, signed the 2008-09 Budget, ending the longest budget stalemate in California's history. The Legislature initially passed the budget and a number of measures implementing the budget on September 15. Subsequently, the Governor threatened to veto the budget unless modifications were made to a measure changing the state's budget process, and ultimately the Legislature agreed to the Governor's demands on Friday, September 19. The following summary provides an overview of the final spending plan, including the last minute changes made to the budget agreement and the Governor's line item vetoes.

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