InfoAnda - Deal reached to close Calif's $26B budget deficit

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Deal reached to close Calif's $26B budget deficit By JUDY LIN,Associated Press Writer AP - Tuesday, July 21 SACRAMENTO, Calif. - Gov. Arnold Schwarzenegger and California's legislative leaders have agreed on a plan to close the state's $26 billion budget shortfall. ADVERTISEMENT The agreement would be a first step toward ending the IOUs the state has been issuing this month, but it must make it through both houses of the Legislature. Schwarzenegger emerged from his office shortly before 7 p.m. to announce the deal after more than five hours of closed-door talks. He told reporters: "We are very happy to have a basic agreement." The plan will include billions of dollars in cuts. The rest of the deficit will be made up by a combination of borrowing, shifting money from other government accounts and accelerating the collection of certain taxes. Schwarzenegger and Republican lawmakers refused to raise taxes any further, limiting lawmakers' options. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. SACRAMENTO, Calif. (AP) _ Gov. Arnold Schwarzenegger and California's top lawmakers restarted budget talks Monday with the hope of hammering out the final details of a deal to close the state's $26.3 billion deficit. The negotiations come as the state pays its bills with IOUs for the first time in nearly 20 years and as major credit agencies threaten the state's already basement-level bond rating. The dismal economy has forced a new round of cuts just 4 1/2 months after California closed a $42 billion deficit. The state's four top legislative leaders had been scheduled to meet with the Republican governor Sunday to work out what all sides expected to be the final budget deal. But the meeting was abruptly postponed by scheduling conflicts. Assembly Speaker Karen Bass, D-Los Angeles, said she expects the governor and legislative leaders to work out a deal in the next day or two, followed by a budget vote in the Legislature by Thursday. She and the Senate leader, a fellow Democrat, remained upbeat after a two-hour morning meeting. They planned to resume talks later Monday. "We are still smiling," Bass said. "Everything is going extremely well." Senate President Pro Tem Darrell Steinberg said he expected the leaders and governor "are going to wrap things up" Monday, with lawmakers voting on a budget deal as early as Thursday. Republican leaders said about a half-dozen issues remained but could be resolved Monday. Assembly Minority Leader Sam Blakeslee said early Monday there was "much work to be done" before a final agreement. He was more optimistic after the morning meeting. "I think there is a very solid chance of getting this resolved by the end of the day," Blakeslee told reporters during the break. Senate Republican Leader Dennis Hollingsworth said the budget contains no new taxes. Aides to the governor and leaders spent the weekend trying to work out legislative language that could resolve the remaining issues. Those issues include borrowing from local governments, guaranteeing that schools will be repaid money they lose during poor economic times and saving money for future budget emergencies. They also include Schwarzenegger's plan to permit oil drilling from an existing rig off the Santa Barbara coast. The proposal opposed by many conservation groups would be the state's first new offshore oil project in more than 40 years. "It's worth a couple billion dollars and has the added benefit of tearing down those oil rigs at the end, so it's good for the environment," Schwarzenegger spokesman Aaron McLear said Sunday. He said terms of the lease are still being worked out, but the drilling would likely run for 20 to 30 years. Most of California government would continue to shut down for three Fridays each month through June 2010 because of employee furloughs ordered by Schwarzenegger. The three furlough days effectively reduce most state workers' pay by about 14 percent. But officials said state employees will not likely have to endure an additional 5 percent salary cut, which the governor had proposed. The largest state employee union, Service Employees International Union Local 1000, is asking its members to authorize job actions that could include a walkout to protest the furloughs. The ballots are due by July 31. "I'm extremely angry," said union president Yvonne Walker, who represents 95,000 of the more than 200,000 state workers. "That's money that's not being spent in each of the counties in California by state workers." Legislative leaders also are trying to work out the details of borrowing $4 billion from local governments. Paul McIntosh, executive director of the California State Association of Counties, called it the largest raid on local governments' coffers in state history. Cities and counties already are laying off firefighters and police officers because of their own budget problems, and some are threatening to sue if the state takes their money for its own needs. Legislative leaders said they were left with little choice after Republicans and Schwarzenegger refused to consider raising state taxes or fees beyond those already increased in February. The leaders have a tentative deal to repay schools $9.5 billion in installments in future years without amending the state Constitution. The money was cut from schools last year, and Democrats and Schwarzenegger had differed on the legal and fiscal means to reimburse them under the requirements of voter-approved Proposition 98. The measure sets minimum funding levels for schools. They were still negotiating the final levels of cuts to state programs and proposals Schwarzenegger says are needed to limit waste and fraud. Aides said negotiators had scaled back Schwarzenegger's proposals for dramatic cuts to state prisons but had not decided if early releases of inmates would still be needed. "We're getting closer," McLear said. "But there's not final agreement on any of those issues." ____ Associated Press Writer Judy Lin contributed to this story. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: World Women, refugees at heart of UN report on Arab statesAFP - Tuesday, July 21 Obama pledges backing for US space programAFP - Tuesday, July 21 Police look for man who stabbed 2 women in SeattleAP - Tuesday, July 21 Detainee task force report delayed by six monthsAFP - Tuesday, July 21 Police find 3 missing American hikers in EcuadorAP - Tuesday, July 21 Most Popular – World Viewed Lost love letter reunites couple after 16 years Shark attack victims fight for their attackers Man who went to the moon and came back an artist Madonna visits family of dead Marseille stage hand Britain bids to quell flu fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. 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