CALIFORNIA BUDGET LOTTERY

California RINO Gov. Arnold Schwarzenegger is proposing to close the state’s estimated $20-billion budget shortfall by gambling on the lottery. Schwarzenegger wants to raise $15 billion over three years by selling bonds based on anticipated lottery revenue and use a third of that to help with the deficit, leaving $10 billion in a reserve fund that will be part of his budget reform. Both proposals will be on the ballot in November, a place where the governor’s ideas have not seen much success in the past. Notably, the lottery brought in only $3.3 billion last year, a problem Schwarzenegger plans to remedy by allowing bigger prizes in order to attract more revenue.

If he fails at the ballot box again, the backup plan is—drum roll please—a one-cent sales-tax increase. It would be temporary (of course) lasting only three years. Then again, “temporary” and “tax increase” rarely end up staying in the same sentence.

From the Patriot Post