• BUDGET SIGNING: California Gov. Arnold Schwarzenegger signed a budget package on Tuesday to close a $26.3 billion deficit after vetoing hundreds of millions of dollars in state spending. Retailers and vendors in California were spared increased taxes and fees, but the sweeping cuts range from state parks to AIDS prevention and treatment programs. The spending plan also relies on accounting maneuvers and borrowing as California struggles with rising unemployment and home foreclosures, as well as reduced consumer spending.

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