NEW : Next November , California voters will consider taxes raising $ 7 billion in revenue . The almost $ 1 billion in cuts will hurt universities , schools , the elderly and the disabled . Comment: California earlier this year slashed spending by $ 16 billion to deal with deficit .
NEW : Next November , California voters will consider taxes raising $ 7 billion in revenue . The almost $ 1 billion in cuts will hurt universities , schools , the elderly and the disabled . The cuts are less than an earlier estimate of up to $ 2.4 billion , the governor says . California earlier this year slashed spending by $ 16 billion to deal with deficit .