▁of ▁future ▁financial ▁trouble . ▁It ▁also ▁prevent ed ▁the ▁creation ▁of ▁any ▁future ▁b onds ▁to ▁pay ▁off ▁def ic its ▁like ▁that ▁in ▁Proposition ▁ 5 7 ▁( the ▁California ▁Econom ic ▁Rec overy ▁Bond ▁Act ). ▁Proposition ▁ 5 8 ▁took ▁effect ▁only ▁because ▁Proposition ▁ 5 7 ▁also ▁passed . ▁ ▁Pro pos itions ▁ 5 7 ▁and ▁ 5 8 ▁were ▁the ▁center pie ce ▁of ▁Governor ▁Arnold ▁Schwar zen eg ger ' s ▁plan ▁to ▁resolve ▁California ' s ▁budget ▁problems . ▁Schwar zen eg ger ▁campaign ed ▁heavily ▁for ▁both ▁propos itions ' ▁passage . ▁ ▁While ▁Prop ▁ 5 8 ▁was ▁to ▁provide ▁bal anced ▁California ▁bud gets , ▁the ▁def ic its ▁continued ▁in ▁subsequent ▁years , ▁growing ▁larger ▁over ▁time . ▁ ▁Official ▁summary ▁▁ ▁Re qu ires ▁en act ment ▁of ▁a ▁bal anced ▁budget ▁where ▁General ▁Fund ▁exp end it ures ▁do ▁not ▁exceed ▁estimated ▁General ▁Fund ▁reven ues . ▁ ▁All ows ▁the ▁Governor ▁to ▁proc laim ▁a ▁fis cal ▁emer gency ▁in ▁specified ▁circumstances , ▁and ▁submit ▁proposed ▁legisl ation ▁to ▁address ▁the ▁fis cal ▁emer gency . ▁ ▁Re qu ires ▁the ▁Legisl ature ▁to ▁stop ▁other ▁action ▁and ▁act ▁on ▁legisl ation ▁proposed ▁to ▁address ▁the ▁emer gency . ▁ ▁Est ab lish es ▁a ▁budget ▁reserve . ▁ ▁Prov ides ▁that ▁the ▁California ▁Econom ic ▁Rec overy ▁Bond ▁Act ▁is ▁for ▁a ▁single ▁object ▁or ▁work . ▁ ▁Pro hib its ▁any ▁future ▁def ic it