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Schwarzenegger Signs the State Budget, Life Gets Back to Normal, but with Higher Taxes

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Other than $1.3 billion in vetoes, Governor Arnold Schwarzenegger signed a package of 34 bills this afternoon that are meant to clear up the $42 billion deficit. It relies on spending reductions, revenue increases (aka taxing you more), use of the economic stimulus and government efficiency. If passed, $5.8 billion will come from a handful of ballot measures that Californians will vote on in a special May 19th election.