Saying "the wolf is back" at the door, Gov. Arnold Schwarzenegger proposed a constitutional amendment in his State of the State address Tuesday that would force automatic cuts to the state budget to avoid large deficits like the one he is now facing.
The governor wants cuts triggered when state finances start falling into the red and a rainy-day fund to start building when revenues come in above average. The surplus would be limited to 15 percent of the budget and could be used only to help with the next downturn.
Schwarzenegger got the idea from former President Bill Clinton, who had similar budget powers as governor of Arkansas. He said it would put …
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