He won't end up cutting much of anything. What you are seeing now in the headlines is just all the whining and victimhood that will support the argument for raising taxes. When push comes to shove, I think Arnie will be raising (more) "fees" and selling/leasing off assets and revenue generating operations in the form of Public Private Partnerships (toll roads, etc.) in exchange for boatloads of cash from private interests.
Hope Auhnold likes his new nickname------"Fifi."