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California Governor Arnold Schwarzenegger holds a press conference after the legislature successfully passed a solution to the state's budget problem July 24, 2009 in Sacramento, California. Schwarzenegger and legislative leaders reached a budget deal Monday to close California's $26 billion budget gap.
Now, that would be a headline. Unfortunately, once again, it ain’t one you’re going to see outside of the Onion. But at least Sacramento’s trying. There are already several proposals floating around to get revenue more in line with spending. One involves increasing income taxes but lowering sales taxes as a slight of hand to pull in more money from the feds. There’s also another push for the oil severance tax and scrapping corporate tax breaks. But will the Republicans accept this? And what other cuts in spending are on the table?
Denise Ducheny, State Senator (Dem) representing California's 40th district (San Diego Riverside and Imperial counties)
John Myers, Sacramento bureau chief for KQED's The California Report
Jon Fleischman, Southern California Vice Chairman of the State GOP; veteran political strategist and analyst, adjunct instructor at Pepperdine's School of Public Policy
HD Palmer, Deputy Director of External Affairs for Gov. Schwarzenegger