Cut up the credit card?

A long time ago in a galaxy far far away, Arnold Schwarzenegger was attacking Gov. Gray Davis for being a big spender. Seems Gray wanted an $8 billion dollar bond package. Schwarzenegger rode into office on a pledge of cutting up the state's credit card.

Well, after seizing power Schwarzenegger decided to propose another bond, twice as big as Gray Davis. Hardly cutting up the credit card.

Its now re-election time and he's trying to kick the spending spree into high gear. $43 billion in bond debt is on the ballot this year, including $37.3 billion Schwarzenegger himself was instrumental in placing on the ballot.

What happened to pay as you go?

The San Diego Union-Tribune has a nice analysis of where the bond packages stand now.