It looks like California has a budget deal for the $26 billion deficit the state has. The agreement has no tax increases, a win for the state which voted overwhelmingly in May against them.
The budget will have significant cuts, including tough ones for education and local governments. It also appears that some long term problems will not be solved with this deal, but it is a start. See more analysis at FlashReport here and here.
A floor vote is expected later this week.
UPDATE: Some details on the deal.
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