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Schwarzenegger: Will is There to Close $26.3B Gap

Gov. Arnold Schwarzenegger says he and top lawmakers have the will to close California's $26.3 billion shortfall by the end of the day.

The governor cautioned reporters during a Wednesday news conference that several difficult issues still must be resolved. Negotiations are scheduled to resume later in the afternoon.

To save cash, California has been forced to issue IOUs to thousands of state vendors and Schwarzenegger has imposed three furlough days a month. The state's credit rating has been sinking steadily as the negotiations over balancing the budget drag on.

Meanwhile, advocates for social services were protesting against cuts and proposed reforms outside the Capitol. They pleaded with the governor to spare programs they say are vital to seniors, low-income families and the disabled.