California’s state leaders hope to close a budget deal this week

California's legislative leaders meet late this afternoon in Sacramento in hopes of finishing a budget deal. Last week, they announced they had the "framework" for an agreement on how to close the state's $19 billion deficit.

Here's the budget "framework" that the governor and the Democratic and Republican leaders in the legislature have agreed to so far: they'll cut $7 billion from state spending — but won't eliminate any social welfare programs.

Republicans won't block a plan to roll back a corporate tax break enacted a couple of years ago; that'll boost state revenue by about a billion dollars, and it won't be a "new tax" — something GOP lawmakers oppose.

The budget "framework" includes a few revenue increases. There's a plan to sell state buildings that's supposed to reap more than $1 billion. The governor and legislative leaders are also counting on the federal government to pay more than $3 billion into the pot.

The budget "framework" as it stands still leaves a deficit of roughly $5 billion dollars.

Governor Schwarzenegger and the Senate and Assembly chiefs say they hope to finish the job of patching that hole this week.

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