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California Gov. Arnold Schwarzenegger said the budget package passed by state lawmakers early Thursday is "the perfect medicine for our ailing economy."

The measure, which awaits the governor's signature, is aimed at closing a $42 billion state deficit through tax increases, spending cuts, borrowing and increased government efficiency.

"It will boost public confidence in California, reassure the financial community and allow us to resume selling our bonds and rebuilding our state," Schwarzenegger said at a news conference at the Capitol in Sacramento, California. Read full article »

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