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California closer to getting a budget

From Sonya Hamasaki, CNN
Gov. Arnold Schwarzenegger has worked with state lawmakers in hopes of resolving California's budget woes.
Gov. Arnold Schwarzenegger has worked with state lawmakers in hopes of resolving California's budget woes.
STORY HIGHLIGHTS
  • California has been in a budget crisis since the summer
  • The state does not have a budget
  • The budget was supposed to be approved in June

(CNN) -- California has created a framework for an agreement on a budget that could solve the state's $19 billion deficit.

Gov. Arnold Schwarzenegger's spokesman released a statement about the development Thursday.

"The Governor and Legislative leaders have reached the framework of an agreement, will work through the details over the weekend, and hope to come to a final agreement when they reconvene Monday," the statement said.

State legislators have been working with Schwarzenegger for two days to get the agreement, the spokesman said. No other details were provided.

Video: Schwarzenegger talks budget
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California has been in a budget crisis since the summer. The state budget was supposed to have been approved by mid-June, two weeks before the new fiscal year began on July 1.

However, the budget has been stalled, putting the state in peril as the governor and lawmakers continue to squabble over how to close the $19 billion shortfall.

The money crunch has caused the state to put some state workers on furlough and contemplate sending IOUs to thousands of workers.

 
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