The so-called tripling was merely bringing the fee back to the original pre-'98(?) level of 2%. In fact, registration notices since then stated the amount due took into account a 67% discount. (I read Arizona is 4%. Any Arizonian know anything about this?) I'm not surprised it was an issue. But we all paid 2% of a car's depreciated value before '98, it wouldn't have killed us to do so again.
To cover the fiscal gap, Schwarzenegger might issue extra billions in bonds. Either way, someone is going to pay. If not us now to the state in the form of direct taxes, then future generations to financial institutions (via the state) to cover the bonds and the interest on those bonds.
Interesting tidbit I heard today about licenses going to undocumented immigrants: this had been commonplace up until 10 years ago.
Also, Schwarzenegger might go along with the driver's license if the person is willing to get a background check and has proof of auto insurance.
added: Darth Kenobi, construction in California has remained vigorous during these past few years. Your sentiments are in the right place; however, rebuilding those destoyed homes won't add significantly to the economy now. Because of the building crunch, some estimate that many families won't even see their houses rebuilt for another 2 years.