Legislative leaders said Sunday they have a compromise deal on an 11-week-late state budget that calls for no tax increases, no borrowing from local governments or other state special funds — and which makes no one happy.
Emerging from a weekend meeting in the office of Senate GOP leader Dave Cogdill of Modesto, the quartet declined to give specific details of their compromise plan, saying they wanted to talk to their respective caucuses first.
But they did say the plan closes part of the $15.2 billion gap in the $103.4 billion budget for the fiscal year that began July 1 with $9 billion in spending cuts.
The rest of the gap will be patched through closing tax loopholes and "accelerated revenue collections," an accounting term for collecting some one-time revenue in this fiscal year rather than the next.
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