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Schwarzenegger weighs in on budget stalemate

Gov. Arnold Schwarzenegger issued a statement just after 7 p.m. on Friday evening calling the budget passed by the state Assembly one, "the people of California can be proud of."

The governor also suggested that once the budget reaches his desk he will slash more spending. "(The budget) takes the operating deficit down to $700 million - and more after I use my blue pencil authority," he said, referring to his line-item veto power.

Here's his full statement:

"The budget passed by the Assembly is a budget the people of California can be proud of. It takes the operating deficit down to $700 million - and more after I use my blue pencil authority. The legislature has done a magnificent job through these tough negotiations by getting the deficit down from the May Revision. This budget moves the reserve up to $3.4 billion and makes tremendous investments in law enforcement and education.

"Bringing the operating deficit to zero this year would mean a cut to the education budget. The question now is whether we cut education funding and I don't think that's what the people of California want. I will not cut education."

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