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100 Days Later, California's Legislature Finally Passes a State Budget

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On the 100th day of the fiscal year, the California legislature finally approved a budget after both houses suffered through overnight sessions lasting more than 20 hours. The Assembly approved the $87.5 billion spending plan before 6 a.m. and the Senate at 8:25 a.m.

In theory, the budget will fix the state's $19 billion budget shortfall, but with projections -- some are calling these overly optimistic -- that rely on taxpayer revenues and money from the federal government.

Much of the budget dealings and stalling was over pensions.

"Now let's be clear, this is not a perfect budget," Assembly Speaker John Perez (D - Los Angeles) said. "In the era of the Great Recession, there is no such thing as a perfect budget."