State Budget Watch
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On the state’s 19th day without a budget, here were the key developments in Sacramento:
THE PROBLEM
Legislators and Gov. Pete Wilson need to bridge a $10.7-billion gap between anticipated revenues and the amount it would take to continue all programs at their current levels, rebuild a reserve for emergencies and erase last year’s deficit. Without a budget for the fiscal year that began July 1, the state is out of cash and cannot borrow money to pay its bills. Instead, claims are being paid with IOUs, known as registered warrants.
IOUs
Issued Sunday: None.
Since July 1: 464,728 with a total value of $804,515,026.
GOV. PETE WILSON
Took no budget-related actions.
THE LEGISLATURE
The Assembly and Senate recessed for the weekend.
KEY DEVELOPMENTS
None. A two-house conference committee is awaiting information from Wilson and will resume deliberations at 2 p.m. today.
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