State lawmakers pass long-awaited budgetSACRAMENTO — California lawmakers passed a long-awaited budget early Thursday morning after an epic battle that involved several all-night sessions and political concessions, sending the package to Gov. Arnold Schwarzenegger, who was expected to sign it.
The budget deal flew through the Assembly less than an hour after it won approval by a single vote in the Senate after late-night horse trading to win over a final Republican.
The package included a combination of spending cuts, tax increases and borrowing, intended to close a projected $42 billion deficit and to stop a fast-arriving fiscal disaster for the state.
Senate leaders were able to secure the final vote needed from moderate Republican Abel Maldonado in late-night negotiations by agreeing to his demands for election changes, government reform and removal of a gas tax increase, giving them the two-thirds vote needed to pass the package.
Looks like the wife won't have to get paid in IOU's after all...