California ? California officials are warily awaiting the next round of state revenue figures, concerned that their latest budget-balancing efforts may not be enough to end a seemingly endless stream of deficits.

Lawmakers wrapped up a nearly 24-hour session Friday afternoon by approving most of a complicated package of spending cuts, raids on local government funds and accounting maneuvers designed to eliminate a $26 billion budget shortfall.

But Gov. Arnold Schwarzenegger and legislative leaders said they might have to deal with more red ink in a few months if the state’s economy doesn’t turn around.

“We are still in troubled waters; there are still uncertainties,” the Republican governor said. “We don’t know how much longer our revenues will drop. We don’t know if we may not be back in the next six months to make further cuts.”