California’s fiscal 2008-2009 budget is a month and a half late today. Negotiations continue between legislative leaders and Gov. Arnold Schwarzenegger.

They have less than two weeks to come up with a budget in time to avoid an issue of revenue anticipation warrants that would increase the state’s cash-flow borrowing costs for the current fiscal year, according to Tom Dresslar, a spokesman for state Treasurer Bill Lockyer.

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