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| Version 0 | Version 1 |
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| California budget plan 'agreed' | California budget plan 'agreed' |
| (10 minutes later) | |
| Governor Arnold Schwarzenegger and leading California legislators say they have agreed a plan to close a state deficit of more than $26bn (£17bn). | 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. | Mr Schwarzenegger said the plan would include $15bn of spending cuts and no significant tax increases. |
| Legislators said they are 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. | 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 sellers providing state services. | |
| Monday's agreement came after more than two weeks of intense negotiations. | |
| "We are very happy to have a basic agreement," Mr Schwarzenegger said as he announced the plan. |