Massive California State Bond Possible

The L.A. Times reports:

Coming off a losing campaign to curb state spending, Gov. Arnold Schwarzenegger is promoting a statewide public works program that may be financed by a bond sale so large it would dwarf previous state borrowings.

The governor hopes to join with Democratic leaders and businesses to address Californians' growing frustration with clogged roadways, polluted water, hospital shortages, overcrowded schools and, in the wake of the devastation in New Orleans, inadequate disaster preparedness.


Schwarzenegger is seizing an issue with wide bipartisan support in an effort to restore his image as a moderate, although his plan threatens to cause tension with some conservative allies who have long warned against more government borrowing.

Arnold the big spender.