Gov. Arnold Schwarzenegger’s plan for a $11.4 billion state water bond – conceived last summer in the third year of a crippling drought – is on the bubble, as the San Diego Union Tribune’s copy desk has punned.

The ballot measure was intended to restore the collapsing ecosystem of the Sacramento-San Joaquin River Delta, promote water conservation and, not incidentally, build a giant dam on the San Joaquin upstream of the mammoth Friant Dam in Fresno County.

Analysts concerned with California’s fiscal health wondered whether a state already staggering under the burden of a multibillion-dollar deficit should saddle itself with billions in new debt.

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