FACTBOX: California budget troubles

(Reuters) - California lawmakers on Friday passed $24 billion in bills to close a growing budget hole, promising an end to a cash crisis that saw the government of the most populous U.S. state issuing IOUs. Gov. Arnold Schwarzenegger supports the budget deal.

Following are a few facts about California, its economy and its budget.

* California has the eighth-largest economy in the world, but its government nearly ran out of cash and began issuing IOUs in July, the beginning of its fiscal year. The budget deal as passed will cut spending by about $15 billion, mostly in education, and should allow the state to tap traditional debt markets.

* Credit rating agencies say the state is still in trouble due to record 11.6 percent unemployment and a lingering mortgage crisis. California's housing boom led to a bust deeper than in other states, which could take longer to exit. Its debt is now rated near 'junk' status, which some see as a buying opportunity. Some investors note that the state constitution makes debt payments the No. 2 fiscal priority after paying for education.

* Term limits will force Governor Arnold Schwarzenegger out of office next year. Well-known potential successors include Republican Meg Whitman, the former CEO of online auctioneer eBay Inc, and Democrat Dianne Feinstein, now a U.S. Senator, who has not committed to the race.

* California's budget process is more complicated than most states': passage of a budget or a tax hike requires the approval of two-thirds of both the chambers of the legislature, rather than a simple majority. The state is consistently late approving a budget but voters have declined to change the process.

(Reporting by Peter Henderson, Editing by Jim Christie, Gary Hill)