The California State Senate rejected Governor Schwarzenegger's proposed $15 billion bond issue, which may be a good thing depending on what anyone comes up with to replace it. In the meantime, he had already reactivated a Gray Davis plan for the state to borrow $10.7 billion. When he was running for the office, Schwarzenegger criticized the Davis proposal as an example of fiscal incompetence. Now, it's looking pretty good to him, I guess.