Calif. Senate OKs $3.5 bln in current year cuts

Newswire

SACRAMENTO, Calif., Feb 24 (Reuters) - The California Senate on Monday approved $3.5 billion in spending cuts to ease the state's budget crisis but left out a car tax increase that had derailed earlier budget legislation. The bill now goes to the state Assembly where lawmakers will decide whether to send on to Gov. Gray Davis legislation that helps to close a budget shortfall of $26 billion to nearly $35 billion over the next 17 months. The spending cuts, seen as crucial by Wall Street ...

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