California leaders are hoping a deal will be reached to help erase a massive budget deficit.
Press Release Service – Wired PR News – California leaders are seeking a resolution for erasing a huge budget deficit that has resulted in the state having to issue IOUs for the first time in two decades. As reported by the Associated Press (AP), legislative leaders anticipate reaching an agreement Sunday to be voted on by the Legislature next week.
Aaron McLear, a spokesman for California Governor Arnold Schwarzenegger is quoted by the AP as stating that negotiators were “certainly in a position where we could close this very quickly … but we still have some issues to work out.”
As noted in the report, issues to be discussed include the amount of funds to reserve for emergencies and amounts to be borrowed from local governments.
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