California governor, top lawmakers announce budget deal

SACRAMENTO, Calif. (AP) - Gov. Jerry Brown and Democratic legislative leaders say they have reached a deal on the state budget for the next fiscal year.

Brown said Tuesday that the budget will keep California on a sound fiscal path. Brown says the plan adds money to the state's reserves and expands a tax credit for low income families. Lawmakers are scheduled to vote on a spending plan Thursday.

Assembly Speaker Anthony Rendon and Senate President Pro Tem Kevin de Leon say the plan would make new investments in education and social services.

The budget agreement does not authorize an extension of the cap-and-trade program, which Brown had hoped to include. The governor says he's confident he can reach an agreement to keep the state's signature effort to fight climate change past 2020.