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California Budget Bomb Set to Go Off

NBC San Diego: With the threat of IOUs just days away, Democratic and Republican lawmakers show no sign of compromise in their efforts to close California’s $24.3 billion deficit.

Lawmakers will return to the Capitol on Monday after Sunday night legislative sessions that failed to move the two sides closer.

In a sign of the Legislature’s dysfunction in the face of an impending fiscal meltdown, the 80-member Assembly voted late Sunday to pass a Democratic budget plan that Gov. Arnold Schwarzenegger has vowed to veto. Republicans have said it is unconstitutional because it would raises taxes without the required two-thirds vote.


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