California Budget Details Set To Be Unveiled
SACRAMENTO (KCBS) - It's 98 days late, but there's finally a budget deal between the Gov. Arnold Schwarzenegger and the legislative leadership, which calls for $7.5 billion in spending cuts to help erase a $19 billion deficit.
The deal designed to end California's record-long budget stalemate includes more deep spending cuts for the schools and social services and a delay in a corporate tax break.
KCBS Doug Sovern Reporting:
"The largest share of which would come out of K-12 education, community colleges, changes to state pension laws, and a spending cap that would go before the voters in November 2012," said Jean Ross with the California Budget Project.
She says the schools and in home supportive services can ill afford to absorb more cuts. The package, which gets its first public airing at a hearing Tuesday afternoon, also includes three billion in internal borrowing, a probably unrealistic expectation of five billion in federal aid, and the postponement of a $1.4 billion corporate tax break, agreed to in last year's budget deal.
"This has been described as a classic 'get out of town' budget," said Ross. "People are tired and vendors have not been paid."
Lawmakers hope to vote on it Wednesday.
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