California Governor Arnold Schwarzenegger speaks during a news conference in San Francisco, California July 3, 2009. Top California lawmakers raised hope on Thursday that an elusive budget deal could be at hand, as officials began issuing billions of dollars in "IOUs" to avoid a cash crisis on the second day of a new fiscal year without an agreement to balance the state's books. California faces a financial stranglehold after lawmakers failed to balance the budget by the start of the state's new fiscal year on Wednesday, leaving a $26.3 billion deficit and prompting Schwarzenegger to declare a fiscal emergency. Reuters Pictures 4 months ago

California Governor Arnold Schwarzenegger speaks during a news conference in San Francisco, California July 3, 2009. Top California lawmakers raised hope on Thursday that an elusive budget deal could be at hand, as officials began issuing billions of dollars in "IOUs" to avoid a cash crisis on the second day of a new fiscal year without an agreement to balance the state's books. California faces a financial stranglehold after lawmakers failed to balance the budget by the start of the state's new fiscal year on Wednesday, leaving a $26.3 billion deficit and prompting Schwarzenegger to declare a fiscal emergency.

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