SACRAMENTO, Calif. -- The state's top legislative leaders have struck a deal that may bring an end to the state's record budget impasse, officials at the Capitol said Sunday.

It was not immediately clear whether the tentative deal would be accepted by Gov. Arnold Schwarzenegger, who has said he would not sign a budget that failed to include long-term reform.

But top legislative leaders said the governor was briefed every step of the way on the compromise and a vote may take place as early as Monday.

"After 76 days of pain and suffering of many people up and down the state of California, from education to health care to human services, I am hoping tomorrow (Monday) we bring that pain to an end," Assembly Speaker Karen Bass said.

During a hastily called news conference, the Democratic and Republican leaders of the Assembly and Senate said they closed the $15.2 billion deficit without borrowing or new taxes.

The compromise includes $9 billion in spending cuts, with the rest coming from closing unspecified tax loopholes and something the lawmakers described as "accelerated revenues."

The lawmakers did not release details of their plan, saying they first had to brief their respective caucuses.

The announcement came on the 76th day California has been without a budget since the start of its fiscal year, the longest impasse in state history.

"It was time to end this," Senate President Pro Tem Don Perata said.

The four legislative leaders who appeared together at the Capitol news conference agreed the budget compromise was not ideal. But all struck a positive note, saying they believe they finally had reached a deal that would be palatable to all sides.

"We will have to see how all the details come together before our caucuses but I am optimistic that we got to a spot where we can end this and move forward into next year where we have some very difficult decisions already," Senate Minority Leader Dave Cogdill, R-Modesto, said.

Republicans had adamantly refused to raise taxes, first as Democrats proposed increases taxes on corporations and the wealthy and later as Schwarzenegger offered to increase the state sales tax 1 cent for three years.

One of the tax loopholes discussed by lawmakers that may generate revenue is for yacht owners.

Yacht owners have never had to pay taxes on yachts bought outside California, but now they may have to pay annual taxes.

Another revenue generating proposal is for LLCs, which are small businesses that normally pay fees at the end of the year, to pay those fees in June.

The move would generate more money for the current budget instead of the following year.

The largest cuts will be made to health care and social services, legislators said without going into details.

Schwarzenegger, meanwhile, had said he will not sign a budget that fails to include long-term fiscal reforms, such as giving him authority to cut spending in the middle of the year when revenue falls and establishing a robust and permanent rainy day fund.

He has said he wants to end California's seemingly endless cycle of unbalanced budgets, in which spending regularly exceeds revenue by billions of dollars a year. That also leads to constant political strain, with Republicans and Democrats going weeks - and sometimes months - before they can agree on a new spending plan.

"We are analyzing their proposal but have concerns that budget reform may not be strong enough," Schwarzenegger spokesman Aaron McLear said.

In the end, however, no taxes will be raised to close the deficit. Democrats and Schwarzenegger also did not want to continue the state's borrowing trend, something Republicans had proposed earlier.

Cogdill called the agreement "a compromise that makes sense."

He said Republicans were worried that a tax increase of any kind could be a fatal blow to an economy that is reeling badly from the fallout of the housing and mortgage crises. California's unemployment rate is at a 12-year high.