Los Angeles Times | February 20, 2009 | 2:09 p.m. PT --- Gov. Arnold Schwarzenegger has signed the state budget, which includes $12.5 billion in tax hikes and $14.8 billion in spending cuts approved by lawmakers in marathon sessions this week. -- The spending plan, which wipes out a projected deficit of nearly $42 billion with tax increases, program cuts and borrowing, hinges on voter approval of items that will be on the ballot in a special election May 19. -- The plan's approval halts the state's slide toward insolvency and will allow officials to resume paying bills, giving refunds to taxpayers and making payments to public assistance recipients, though those checks could be delayed several more weeks. -- The budget will temporarily raise the state sales tax, starting April 1, by 1 cent on the dollar and nearly double the vehicle license fee, to 1.15% of the vehicle's value. More soon at: http://link.latimes.com/r/6NKQ2X/OUF1D/55A0JN/N8FD/S3HEVJ/E4/t
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