State Assembly approves budget |

State Assembly approves budget

The Associated Press

SACRAMENTO ” The California Assembly has joined the state Senate in approving a long-awaited budget, sending the package to Gov. Arnold Schwarzenegger after an epic battle that involved several all-night sessions and political concessions.

The budget flew through the Assembly less than an hour after it won approval by a single vote in the Senate after late-night horse trading to win over a final Republican.

The budget included a combination of spending cuts, tax increases and borrowing, intended to close a projected $42 billion budget deficit and to stop a fast-arriving fiscal disaster for the state.