State to Vote on Compromise Budget

September 19, 2008 12:00:00 AM PDT
It appears a historic budget veto has been averted. Friday, state lawmakers are scheduled to vote on a compromise budget plan.Governor Schwarzenegger and legislative leaders have agreed to a new spending plan. It includes the governor's demands for budget reform and scraps some of the borrowing gimmicks he opposed.

"We will vote on a new piece of legislation that will essentially, um, increase the penalties for corporations who underreport their earnings. In addition, we will give the governor the three items of budget reform that he asked for. Those two points closes the deal, and brings these 80 days to an end," said Assembly Speaker Karen Bass.

Governor Schwarzenegger had threatened to veto the budget lawmakers passed Tuesday. The governor called the previous plan fiscally irresponsible.

Schwarzenegger has not yet officially agreed to Thursday night's budget compromise.


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