As expected, Governor Arnold Schwarzenegger vetoed an $18 billion budget proposal put forth by the Democrats in the state legislature. The bill, you may recall, was a clever trick to get around the two-thirds majority requirement by renaming a gas tax a gas fee. This left Republicans furious over what they considered semantical game-playing. Oddly enough, Schwzarzenegger was just fine with the move. But he vetoed the bill because it didn’t have enough of his economic stimulus ideas. And so we’re back to square one. Meanwhile, the state’s cash is seriously starting to run low, and the state controller may have to start issuing IOUs.