California Governor, Legislature Agree on Budget

California Gov. Arnold Schwarzenegger and legislative leaders have agreed to a 2008-09 budget that concludes a very difficult budget negotiation process, addressing the state’s $15.2 billion budget shortfall with a combination of cuts and increased revenues.

With the passing of the budget, the Governor will sign bills that had previously passed the legislature but were piling up on his desk, including those related to insurance. Assembly Bill 2056, which helps to clarify the distinction between agents and brokers, is among those bills.

“While California is certain to be faced with a difficult budget situation again next year, this agreement puts the state on the path to fiscal stability for the long-term,” a statement from the Governor’s office indicated.

To view key proposals of the budget, visit http://gov.ca.gov/issue/state-budget/.

Source: Office of Governor