Governor Arnold Schwarzenegger and leading California legislators say they have agreed a plan to close a state deficit of more than $26bn (£17bn). Mr Schwarzenegger said the plan would include $15bn of spending cuts and no significant tax increases.
Legislators said they were hoping to vote on the plan on Thursday. Mr Schwarzenegger declared a fiscal emergency earlier this month after legislators missed a deadline to agree a budget for the coming financial year. Amid a protracted fiscal crisis, the office of the state controller has been sending promissory notes, or IOUs, to thousands of contractors and vendors providing state services.
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