Despite next year’s projected $8 billion budget deficit, Gov. Arnold Schwarzenegger is so intent on implementing costly regulations and mandates to “fight global warming” that he now wants to borrow money to pay for the crusade. This is bad policy on at least two fronts.

First, after resorting to an assortment of budgetary gimmicks and borrowing to balance the current year’s budget, the governor now wants to employ even more of his hide-the-pea, fiscal sleight-of-hand and borrow money that should be returned to Californians.

Even Sacramento Democrats see the danger in resorting to another ill-conceived fiscal fix by borrowing $67 million over two years from the state’s beverage container recycling fund, which is supposed to repay consumers who recycle bottles and cans. The loan would be repaid with interest.

“Borrowing from (the recycling fund) ... perpetuates a pattern of the state solving its financial problems by borrowing and moving money around,” said Loni Hancock, D-Berkeley, who co-chaired a hearing this week by the Assembly Committee on Natural Resources and Senate Alternative Energy subcommittee.

“The administration is punting yet again on finding a reliable funding source for arguably one of the most important pieces of legislation the governor has signed to date,” said Senate Pro Tem Don Perata, also a Democrat. “Taking money from the state’s recycling fund is shortsighted.”