Democrats claim it addresses the full deficit, and only lacks the governor's demand for a higher reserve.
But Governor Schwarzenegger and republicans said they don't like it because it does not address the full deficit and raises taxes.
Wednesday marks the first time the deficit will be debated by the full legislature since the governor laid out his revised budget proposal last month. The State Treasurer and Controller have warned that without a balanced spending plan by next week, California will not have enough money to pay all its bills by the end of July.
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