Schwarzengger and Dems: Time Running Out

Tuesday, Jan 13, 2009  |  Updated 1:14 PM PDT
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Schwarzengger and Dems: Time Running Out

Getty Images/Justin Sullivan

Gov. Schwarzenegger and legislative leaders are set to resume meetings today as they try to reach a budget compromise before the state runs out of cash.

Gov. Schwarzenegger and legislative leaders are set to resume meetings today as they try to reach a budget compromise before the state runs out of cash.

Schwarzenegger and legislative leaders are trying to reach a budget deal before California runs out of money in February.

If that happens, it would force the state to issue IOUs to vendors for only the second time since the Great Depression.

California last gave IOUs during the recession of the early 1990s.

Meanwhile, Schwarzenegger is scheduled to deliver his State of the State address Thursday.

During his annual speech he is expected to continue to press for a combination of spending cuts and tax increases.

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