Sacramento, CA — A budget settlement that erases the $26.3 billion shortfall was reached Monday evening.
The Big Five of Governor Schwarzenegger, Senate Pro Tem Darrell Steinberg, Senate Minority Leader Dennis Hollingsworth, Assembly Speaker Karen Bass and Assembly Minority Leader Sam Blakeslee made the joint announcement.
Schwarzenegger commented that the new budget includes no new taxes. He added that cuts will total some $50 billion but education will be protected.
No specific details were presented regarding cuts to the California Department of Corrections and Rehabilitation or monies that may be taken from local governmental entities through property and gas-road taxes.
The proposed budget will now go before the Republican and Democratic caucuses for review with a vote of the Senate and the Assembly scheduled for Thursday.