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Jul 22, 2008 11:14 am US/Pacific

Calif. Dems Promise Budget Proposal By Next Week

SACRAMENTO (CBS 5 / KCBS) ― Pressure is building in Sacramento to pass a new state budget before California runs out of money at the end of July. Governor Schwarzenegger and state lawmakers have resumed negotiations on a state budget already three weeks late.

Schwarzenegger had pushed for lawmakers to pass a budget this week, but after a meeting with Schwarzenegger on Monday Senate President Pro-Tem Don Perata promised there would be a budget proposal on the floor of the Assembly and the Senate next week.

The Democratic proposal will likely contain billions in tax hikes that, as usual, Republicans have vowed to vote against. Schwarzenegger has not endorsed the idea of raising taxes, but concedes that the new budget will have to raise revenues somehow to close what's projected to be a $15 billion deficit.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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© MMVIII, CBS Broadcasting Inc. All Rights Reserved.