(CNN) - California Governor Arnold Schwarzenegger is praising his state's budget deal. The agreement, reached earlier today, ended a marathon battle over a bill that raises taxes, cuts spending and helps close the state's $42 billion deficit.
"This is a historic budget, and not only did they pass a great budget but also a great reform package," Schwarzenegger said, soon after the Democratic-controlled state Senate and Assembly passed the budget. "There's budget reform, and then primary reform, education reform, so there's all kind of great things that will have a tremendous impact, a positive impact on the state of California,"
But what does the agreement mean for Schwarzenegger himself, whose approval ratings in California have been stuck in the upper 30 to mid-40 percent range for the past year?
"There's a lot of pain in this budget deal, spending cuts, tax increases," CNN senior political analyst Bill Schneider said. "I'm not sure Californians will greet it with celebration."
Schwarzenegger has experienced major swings in popularity during his tenure. His approval rating was in the 50s and 60s his first year and a half in office, but plummeted in mid-2005 after he engaged in a series of battles with California Democratic lawmakers, and backed a series of referendums that failed at the ballot box that November.
But the next year, Schwarzenegger began working with the Democrats again, and won a landslide re-election. His approval ratings stayed in the 50s in 2007 before dropping last year.
Schwarzenegger is term-limited, unable to run for re-election next year. One option in his future could be a battle against Sen. Barbara Boxer, who's up for re-election in 2010. But Schwarzenegger has not indicated any interest in entering what would be an rough, and expensive, political battle.
"Governor Schwarzenegger may not want to face the voters next year," Schneider said. "When times are bad and the president is not on the ballot, voters take out their frustration on the governor.