State Budget Crisis

July 16, 2009 7:45:30 AM PDT
After another long day and night of negotiations at the State Capitol, lawmakers are even farther away from a budget compromise.Legislators went into a closed door meeting this Wednesday afternoon with Governor Schwarzenegger.

They're trying to negotiate a fix to California's 26,000,000,000 dollar budget hole.

Wednesday afternoon, Schwarzenegger said a resolution could be reached by this evening.

But disagreements over education funding, cuts to social services, and borrowing money from local governments stalled talks.

The governor and state lawmakers wrapped up talks about an hour ago, and are scheduled to meet again tomorrow.

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