Day 17: Fiscal Year 2009-2010

Glenbrook, Nevada, Lake Tahoe

7:05 PM, Pacific Standard Time 

As of this hour, no deal has been consummated between the governor and the Legislature over closing an estimated $26 billion hole in the budget for the fiscal year that began July 1.


Gov. Arnold Schwarzenegger met with legislative leaders late in the afternoon to try to resolve their differences, which appear to revolve principally over how to repay schools money the state has shorted them over the past two years – at least $9.3 billion and possibly over $11 billion — under the terms of Proposition 98, the 1988 ballot measure that dictates the state’s annual contribution to public schools.


The state Controller continues to issue IOUs to pay more than 25 percent of the state’s $14 billion worth of bills for July.


The tables continue to be frosty. Michael Jackson continues to be dead. 



Filed under: Budget and Economy

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