By and and  on July 22, 2009

Retailers and vendors in California were spared increased taxes and fees in the agreement to close a $26.3 billion budget gap but the state’s economic woes are far from over.

The deal reached Monday night — provided it gets the two-thirds majority required to pass in the state Senate and Assembly — will result in painful cuts to state services and programs, but should enable California to stop issuing IOUs, which major banks stopped honoring last week. California’s credit rating has fallen to near-junk status and the crisis forced furloughs of state employees.

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