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,AKA The Governator.. 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.
I just want to know when they are going to pay me what they owe. When you owe the IRS they put interest on the money owed...I WANT THE SAME!!
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