SACRAMENTO, Calif.—California Gov. Arnold Schwarzenegger and the state's chief accountant Tuesday warned lawmakers that they have until June 15 to close the state's crippling budget deficit.

If they miss the deadline, the state will run out of cash by the end of July, said state Controller John Chiang. That means Californians could see a repeat of this past winter, when officials delayed payments to welfare recipients, private contractors and local governments to keep the state solvent amid a budget impasse.

"California's...