The 'Big Five' Make a Deal: A Painful Budget in Sacramento

The Governor and four legislative leaders have reached agreement on how to make up California's $26 billion shortfall. The deal calls for $15 billion in cuts, taking almost $4 billion from local governments and speeding up tax collections. Now legislators of both parties have to decide whether to support or oppose it. Democrats have the majority in both houses, but not enough to provide the necessary two-thirds for passage, so Republican votes will be required.