SACRAMENTO, Calif. (AP) The state's top legislative leaders on Sunday announced what they described as a breakthrough in California's record budget impasse, potentially ending a stalemate that set a new standard for dysfunction in a Capitol with a long history of blown budget deadlines.
It was not immediately clear whether the tentative deal would be accepted by Gov. Arnold Schwarzenegger, who has said he would not sign a budget that failed to include long-term reform.
During a hastily called news conference, the Democratic and Republican leaders of the Assembly and Senate said they closed the $15.2 billion deficit without borrowing or new taxes.
The compromise includes $9 billion in spending cuts, with the rest coming from closing unspecified corporate tax loopholes and something the lawmakers described as "accelerated revenues."