Voters pass three of four
propositions
By Michelle Knight
knight@theacorn.com

Voters on Tuesday overwhelmingly agreed with Gov. Arnold Schwarzenegger’s plan to balance the state budget by approving Propositions 57 and 58.

Despite claims from critics that it would plunge the state deeper into debt, 63 percent of the electorate approved Prop. 57, which allows the state to sell $15 billion in bonds to cover the deficit. The bonds will be paid off by a one-quarter of one cent (1/4 of 1¢) sales tax (or about $1.2 billion a year) and could take as long as 14 years to repay.

For Prop. 57 to go into effect, Prop. 58 also had to be approved. And voters complied.

Prop. 58 won 71 percent of the vote. It requires the legislature to pass a balanced budget each year. If the state goes into deficit spending during the year, the legislature must take immediate action to correct the problem.

Voters statewide narrowly approved Prop. 55, on the other hand, with 51 percent of voters in favor of raising $12.3 billion through bonds to repair public schools and colleges. Taking more than 30 years to pay off, the bonds, including interest, are estimated to cost $24.7 billion (or about $823 million a year at current interest rates). Local school districts must match funds to use the money, unless they qualify for special assistance. Voters in Ventura County, however, rejected Prop. 55—54 percent to 46 percent.

Voters also decided that they don’t want to make it easier for state legislators to raise taxes.

Nearly 66 percent of voters rejected Prop. 56. It would have lowered the vote required to pass the state budget and budget-related tax increases from 66 percent to 55 percent. Prop. 56 also would have mandated the legislature stay in session until a budget is passed or lose their pay.

Estimates placed voter turnout at 43 percent.