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California Insider has prepared a transcript of Schwarzenegger's more significance statements at the press conference Wednesday. Worth quoting:

“We must have a constitutional spending cap. We must never again permit Sacramento to mortgage our children’s future by unconstitutional deficit spending. We must immediately attack the operating deficit head on. Does this mean we are going to make substantial cuts? Yes. Does this mean education is on the table? No. Does this mean I am willing to raise taxes? No. Additional taxes are the last burden we need to put on the backs of the citizens of and businesses of California.”