Top California lawmakers raised hope on Thursday that an elusive budget deal could be at hand, as officials began issuing billions of dollars in "IOUs" to avoid a cash crisis on the second day of a new fiscal year without an agreement to balance the state's books.
"I think there is at least a 50-50 chance that we'll find a solution that is acceptable to all parties within a week," Assembly Republican Leader Sam Blakeslee said after the state Senate's top Democrat said Democrats would no longer hold out for tax increases as part of a budget agreement.
link: Hope for California budget deal as IOUs planned | U.S. | Reuters
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