Deal Reached to Close California's $26B Budget Deficit

[peaceandlove]

Deal Reached to Close California's $26B Budget Deficit

By JUDY LIN, Associated Press Writer – 11 mins ago

SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger and California's legislative leaders agreed Monday on a plan to close the state's $26 billion budget shortfall, potentially getting the state back on firm financial ground so it can stop issuing IOUs.

The governor and leaders from both parties announced the compromise after more than five hours of closed-door talks. If the agreement survives its run through both houses of the Legislature, it would provide temporary relief to an epic fiscal crisis that has captured national attention, sunk the state's credit rating and forced deep cuts in education and social services.

Continues: http://news.yahoo.com/s/ap/20090721/ap_on_re_us/us_california_budget;_ylt=Av5M82bqIMb3SMtBdEvWDJ0X Ir0F;_ylu=X3oDMTM0ZzNsNnFpBGFzc2V0Ay9hcC8yMDA5MDcy MS9hcF9vbl9yZV91cy91c19jYWxpZm9ybmlhX2J1ZGdldARjcG 9zAzYEcG9zAzYEc2VjA3luX3RvcF9zdG9yaWVzBHNsawNkZWFs cmVhY2hlZHQ-

[peaceandlove]

Calif. Senate passes budget-balancing plan

By JUDY LIN, Associated Press Writer – 37 mins ago

SACRAMENTO, Calif. – The California Senate on Friday approved a plan to close the state's $26 billion budget deficit, providing a glimmer of hope after weeks of fiscal gloom.
But work on the complex legislative package of 31 bills dragged on as the Assembly — struggling to secure enough votes to pass several measures — took a three-hour break just after dawn, then got back to work.

Failure to approve any of them could jeopardize the entire deal, potentially sinking California further into fiscal chaos.

Senators started their session Thursday evening and worked through the night to get enough votes to pass the more controversial measures, including three that took or borrowed billions of dollars from cities and counties.

Continues: http://news.yahoo.com/s/ap/20090724/ap_on_re_us/us_california_budget

[alyscat]

I've always wanted to know how someone can work all night long on something and make coherent decisions...

This is still a work in progress. Let me know when the ink is signed :mfr_lol: