Yes Virginia; there is a Budget Deal and it ain’t pretty.

The Big 5 in our state government announced this evening that they have reached an agreement on the solution for California’s $26.3 billion budget shortfall.

Steinberg: we have faced a cumulative $60 billion defecit since Jan. 1

"We've got a Deal!"

"We've got a Deal!"

Here is the video of the comments by Assembly Speaker Karen Bass at the Press Conference:

[youtube]http://www.youtube.com/watch?v=PDI_G8GNosI&feature=player_embedded[/youtube]

UPDATE: Here is today’s report from the Orange County Register compiled by their Sacramento reporter Brian Joseph.

I’ve pulled together information from Twitter tweets from @KQED _CapNotes and @CapitolWeekly. I will update this post later with links to additional more detailed reports as they become available. The threads are a bit cryptic, but I think understandable.

KQED_CapNotes Posted at 7:41pm 
Dems leaders Bass and Steinberg now briefing press. Speaker Bass calls cuts ones formerly “unthinkable.”

capitolweekly Posted at 7:41pm 
Bass: budget contains ‘painful cuts for all Californians’

KQED_CapNotes Posted at 7:43pm 
Bass: says 95% of the deficit deal is same as what was vetted in public thru budget conf cmte

KQED_CapNotes Posted at 7:44pm 
“We did not suspend Prop 98,” says Bass…says no social pgms targeted for elimination by Guv were fully axed.

capitolweekly Posted at 7:47pm 
Steinberg: we held together CA’s safety net

KQED_CapNotes Posted at 7:47pm 
Sen pro Tem Steinberg says debate was how to cut “$15+ billion” and still not eliminate core services…#cabudget…also acknowledges “pain”

KQED_CapNotes Posted at 7:49pm 
Steinberg says vote likely Thursday late in the day.

capitolweekly Posted at 7:50pm
Cuts: 6 bil in ed, 3 bil in higher ed, 1.4 in corrections

KQED_CapNotes Posted at 7:54pm 
Some detailed cuts: $6 bil K-14, $3B higher ed, $1.3B worker furloughs, $1.2 B corrections, $1.3 B Medi-Cal, $528 M calworks, $211 IHSS

capitolweekly Posted at 7:54pm
15.5 bil in cuts, 4 bil in revenues (no taxes), 2.1 bil in borrowing, 1.5 bil in fund shifts. $875 mil reserve

capitolweekly Posted at 7:56pm 
226 mil in healthy families cuts

capitolweekly Posted at 7:58pm 
no early release of prisoners

KQED_CapNotes Posted at 8:10pm 
Total local govt: abt $4.3 B. Borrow thru Prop 1A for $2 B, two year gas tax taking of $1B each year, $1.3 B from redevlp agencies

capitolweekly Posted at 8:10pm 
local districts have authority to cut school year up to one week to deal with cuts.

KQED_CapNotes Posted at 8:12pm 
Guv given OK in deficit deal to sell Orange County Fairgrounds, say legislative staff. No other “biggies” that were suggested.

KQED_CapNotes Posted at 8:14pm 
Legis staff say some state parks will close, but 88% of funding restored. Says Guv’s admin will choose which close, $8 mil savings

KQED_CapNotes Posted at 8:14pm 
Legis staff says much maligned Integrated Waste Mgmt Bd will be eliminated in January, a key issue of Guv.

KQED_CapNotes Posted at 8:23pm 
$100 mil in money for Santa Barbara coast oil drilling project known as Tranquillon Ridge, say legis staff

capitolweekly Posted at 8:17pm 
new background checks and fingerprinting requirements for IHSS providers and recipients. no cuts to provider salaries.

Here is the link to the Sacramento Bee’s story from Monday evening:
Schwarzenegger, lawmakers reach state budget agreement

KQED_CapNotes
FYI: more on #cabudget deficit deal soon on CapNotes blog http://ow.ly/hL8b. Also Tues AM on CA Report and nationally on NPR’s Morn Edition.