Gov. Arnold Schwarzenegger will sign an emergency spending plan into law today that promises to solve the largest deficit in California history after 106 days of contentious negotiations, reports the San Francisco Chronicle. The spending plan, which the Legislature approved early Thursday after a Republican senator from Santa Barbara County cast a breakthrough vote, is intended to keep the state in the black through June 2010. But the agreement exacts a toll: Californians will pay higher taxes and get less in return; education, transit and services for the poor, disabled and elderly will take deep cuts. In addition, key parts of the funding plan, including borrowing money from future lottery sales, will require approval by voters in a special election in May…

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