Gov., lawmakers find no accord
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Hopes by Gov. Arnold Schwarzenegger and Democratic lawmakers that they would strike a budget deal by week’s end fizzled Friday, with both sides saying they will try again next week.
They are trying to agree on the details of a tax-and-cut package worth $18 billion that is needed to close a growing gap between state spending and revenue.
Republican lawmakers have been left out of the discussions because they refuse to sign on to any deal that includes a tax increase. Democrats and Schwarzenegger say the size of the deficit is so large that spending cuts alone will not be enough.
California’s deficit is projected to hit $42 billion over the next 18 months.
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