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Home / California Lawmakers Agree on a BudgetCalifornia Lawmakers Agree on a Budget
Last Updated on Tuesday, 21 July 2009 12:42 Written by rslcpol Tuesday, 21 July 2009 12:42
From the Washington Post:
California Governor Arnold Schwarzenegger and top lawmakers agreed on Monday to close a $26.3 billion deficit in the state’s budget in a deal that includes $15.5 billion in spending cuts, they said.
The government of the most populous U.S. state, also the world’s eighth-largest economy, began its fiscal year on July 1 facing the massive shortfall due to a plunge in revenues caused by the recession and rising unemployment.
Schwarzenegger, a Republican, said during a news conference the budget would be balanced through deep spending cuts and borrowing and shifting of state funds but without raising taxes.