Sep 18, 2008 12:48 pm US/Pacific
CBS 13 News/Sacramento and Associated Press
It used to be "The Big Five" ...now it's "The Big Four +1"?
SACRAMENTO (AP) ― This morning's budget meeting between Governor Schwarzenegger and legislative leaders ended abruptly after 20 minutes with the Governor threatening an immediate veto of the current budget.
Governor Schwarzenegger's spokesperson told CBS13 that the governor told lawmakers to go back to the table and fix the 'rainy day plan' and get rid of accounting gimmicks.
The Legislature's budget relied on accounting gimmicks -- such as accelerating the withdrawal of state income tax from workers' paychecks -- that could lead to an even larger deficit next year.
But another sticking point is the strengthening of the state's rainy-day fund; lawmakers made changes but rejected Schwarzenegger's demand that they restrict when and how the Legislature can tap into the cash.
The 'Big Four' lawmakers are scheduled to meet again with the governor at 3:00pm this afternoon.
It's unclear whether there are enough votes in the Legislature to override a governor's veto.