A Budget Breakthrough in Sacramento

9/14/2008 Sacramento, CA Top lawmakers from both parties announced today that they've reached an acceptable compromise, 76 days after the budget was due.

Both republicans and democrats say they closed the 15-billion dollar deficit without borrowing and without new taxes.

Republican Assembly leader Mike Villines of Clovis stood by his democratic counterpart as she announced the deal.

Assm. Karen Bass, (D) Los Angeles, says "I'm happy to say we have protected education. We have not gone for deeper cuts. We did not borrow and we closed loopholes. And I think we are going to be in a very good position."

Legislators will vote on the compromise budget Monday.

Because they're not releasing details today, it's not clear whether Governor Arnold Schwarzenegger will accept the budget. He had proposed a temporary one-cent sales tax hike to generate new revenue to help solve the deficit.

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