Calif. governor favors new compromise budget deal

SACRAMENTO, Calif. (AP) -- Gov. Arnold Schwarzenegger is supporting a new deal on a compromise California budget, averting a historic veto.

The governor's spokeswoman, Aaron McLear, said Schwarzenegger will sign the $143 billion spending plan that lawmakers are expected to approve later Friday.

The budget deal averts a veto by Schwarzenegger. The governor had called the previous budget plan fiscally irresponsible.

The new plan eliminates some of the borrowing gimmicks that lawmakers had crafted to raise additional revenue. It also strengthens the state's rainy day fund and closes a $15.2 billion dollar budget hole.

The scheduled budget votes later Friday come 81 days after the state was supposed to have a spending plan in place.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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