UPDATE 3-Calif. Gov. Schwarzenegger rescinds car tax hike

Newswire

(Adds analyst quote, details on bond, regulations) By Michael Kahn SACRAMENTO, Calif., Nov 17 (Reuters) - California Gov. Arnold Schwarzenegger on Monday rescinded a $4.3-billion increase in the state's highly unpopular vehicle license fees, fulfilling a campaign promise as his first official act. The Republican, who defeated former Democratic Gov. Gray Davis in an October recall election, added he would convene a special session aimed at dealing with California's yawning budget ...

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