State Budget Watch
THE PROBLEM: Legislators and Gov. Pete Wilson need to bridge a $10.7-billion gap between anticipated revenues and the amount it would take to continue all programs at their current levels, rebuild a reserve for emergencies and erase last year’s deficit. The state is short of cash and, without a budget for the fiscal year that began July 1, cannot borrow money to pay its bills. Instead, claims are being paid with IOUs known as registered warrants.
IOUs
Issued Tuesday: 15,059, with a value of $58.7 million.
Since July 1: 1.55 million, with a total value of $3.4 billion.
Interest costs to date: $9.61 million.
GOV. PETE WILSON: Met with Republicans in both houses and budget financial advisers, attempting to put finishing touches on remaining budget bills. Awaited legislative passage of education and health and welfare bills for his signature or veto.
THE LEGISLATURE: Assembly Democrats appeared to be ready to give the governor most of what he has demanded on education spending, paving the way for Wilson to sign the spending plan on his desk and end the budget crisis.
The Senate passed a number of minor budget-related bills and was standing by to take up Assembly changes in budget bills.
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