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Calif. Gov, Legislative Leaders Reach Budget Deal

Gov. Arnold Schwarzenegger and legislative leaders say they've reached a budget deal.

The governor and lawmakers say after nearly five hours of talks Friday they agreed on a deal that breaks the record-long budget impasse and attempts to close California's $19 billion deficit.

No details have been released, but the governor had indicated he wouldn't sign a budget unless lawmakers agreed to series of pension reforms he was seeking.


Senate President Pro Tem Darrell Steinberg say there was "not a lot of celebrating," suggesting it was a tough compromise with both sides making concessions.

Legislative leaders say they still need time to share details with lawmakers before the budget can be put to a vote.