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Budget Crisis Overshadows Schwarzenegger Address

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Jan 13, 2009 5:12 am US/Pacific

Budget Crisis Overshadows Schwarzenegger Address

SACRAMENTO (AP) ― Gov. Schwarzenegger and legislative leaders resume meetings Tuesday in an effort to reach a budget compromise before California runs out of cash in a few weeks.

Democratic Assembly Speaker Karen Bass and Assembly Minority Leader Mike Villines characterized yesterday's talks as productive but said no agreement had been reached.

Schwarzenegger renewed negotiations with all four legislative leaders after he vetoed an $18 billion Democratic budget proposal last week.

California is expected to run out of cash in February, which would force the state to issue IOUs to vendors for only the second time since the Great Depression.

Schwarzenegger gives his State of the State address on Thursday.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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