Hope for California budget deal as 'IOUs' planned

Jul 2nd, 2009 - Reuters

Related content:

* Democrats drop demands for tax hikes in budget

* Top Republican lawmaker now expects progress toward deal

* State sends 'IOUs' to preserve cash for priority bills

(Recasts with Democrats dropping demands for tax increases,adds comments)

SAN FRANCISCO, July 2 (Reuters) - Top California lawmakersraised hope on Thursday that an elusive budget deal could be athand, as officials began issuing billions of dollars in "IOUs"to avoid a cash crisis on the second day of a new fiscal yearwithout an agreement to balance the state's books.

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