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No Sign Of Deal To Close Calif. Deficit

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Jun 30, 2009 12:00 am US/Pacific

No Sign Of Deal To Close Calif. Deficit

SACRAMENTO (AP) ― The California Senate has adjourned Monday night without reaching a deal on legislation that would avoid the state issuing I-O-U's for the first time since the 1990s.

Earlier Monday, the Senate approved a Democratic plan that featured a combination of spending cuts and tax and fee increases to close a more than $24 billion budget deficit.

But Governor Arnold Schwarzenegger promised to veto the package.

The Senate then reconvened and attempted to push through three stopgap bills that Democrats said would save more than $4 billion and hold off the need for I-O-U's.

But those bills fell short of the two-thirds majorities needed to reach Schwarzenegger's desk.

The state controller says he'll have to start issuing I-O-U's if lawmakers and the governor don't agree on some way to stem the state's red ink by Tuesday night.

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 This material may not be published, broadcast, rewritten, or redistributed.)

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