Producer Clayton Sandell blogs: Just hours before a legislative deadline tomorrow, there’s still a fight going on between California’s Republican Gov. Arnold Schwarzenegger and Democrats in the state legislature over a precedent-setting bill to cut global warming gasses like carbon dioxide. (At left, the capitol in Sacramento.) The question is: if it passes, will it be strong enough to do any good? California’s bill would dramatically cut greenhouse gas emissions (25 percent by 2020) and perhaps begin to spur action in Washington DC. It would likely be followed by similar laws in other states, some of which already follow California’s stringent vehicle emissions standards. Those new state standards would probably be far more stringent than any future federal restrictions. That has business groups worried. They are fighting to water down Assembly Bill 32, saying it will hurt the state’s economy and drive away jobs as companies move to places without greenhouse gas limits. Their biggest concern is that eventually, Congress will follow California’s lead. (At right, atop Mt. Diablo.) Schwarzenegger– who needs business on his side to get reelected this fall– wants a "safety valve" put into the bill that would allow the law to be temporarily suspended in the event of things like terror attacks or natural disasters. Opponents call it a classic pro-business loophole. Proponents of AB32 say the carbon cuts would actually create $74 billion in economic growth and nearly 90,000 jobs while turning California from the world’s 12th largest greenhouse gas polluter to the most "carbon free" state.