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We Have a State Budget… “Framework”

Starting last night and into this morning, Sacramento is all abuzz with word that the Big 5 (Governor Schwarzenegger and the leaders of both parties in the Assembly and Senate) have come to a tentative agreement on the how to close the $19.1 Billion budget gap for the 2010-11 fiscal year.

Yesterday, a spokesperson for the governor said that the leaders reached “a framework of an agreement” on a budget plan.

What exactly is in that “framework?” New revenues? Program cuts? Adjustment to public employee retiree benefits? That is still unclear. All we know is that there’s general agreement on how to get it done. We should know more about those details early next week.

FYI, today marks the longest the state has ever gone without a state budget in place.