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By David M. Drucker, Inland Valley Daily Bulletin, Calif. Knight Ridder/Tribune Business News
May 15--SACRAMENTO, Calif.--Gov. Gray Davis on Wednesday unveiled a revised 2003-04 budget proposal that includes fewer tax increases and spending cuts than predicted but is contingent upon many factors that could easily derail the plan -- the need for political compromise among them.
Republicans must accept tax hikes, which they say is a nonstarter; local governments retain the vehicle registration- generated revenue needed to fund public safety, but only if an administrative trigger is pulled and a promised lawsuit to block it fails.
And the Legislature must pass a budget on time -- something not done since 2000 -- lest Wall Street balk at financing more than 25 percent of California's deficit and thus doom the entire plan.
"Make no mistake, my budget involves painful choices," Davis said during a Capitol news conference, where he introduced a plan that would spend …