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

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

SACRAMENTO, Calif. (AP) - 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 read more

NECN | July 21, 2009Watch more videos from NECN

Tags:. .sunk. .shortfall. .fiscal. .compromise. .deficit

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