Although the Assembly has yet to vote on the measure, its leaders were meeting this weekend in hopes of reaching an agreement by Monday, the deadline for the June ballot.
Both the state Senate and Assembly must approve the bond measure by a two-thirds' vote before the governor can sign the bill into law.
If legislators fail to pass the measure by midnight on Monday, they may have to wait until November to put it before voters.
"We are going to see if we can get some consensus," said Steve Maviglio, a spokesman for Democratic state Assembly Speaker Fabian Nunez.
State senators were not part of the talks on Saturday, said Republican Assemblyman Rick Keene, and it was unclear if they would join their Assembly counterparts on Sunday.
During his state-of-the-state speech, Schwarzenegger proposed that California launch its most ambitious infrastructure program in more than a generation by spending $222.6 billion over a decade to expand public works, especially highways, flood-control projects, jails and courthouses.
His plan would require California to sell $68 billion in general obligation debt. He urged lawmakers to help him craft a bill for a bond measure on the June ballot to ask voters to approve a first round of debt totaling $25.2 billion.
Nunez and state Senate President Pro Tem Don Perata proposed a $48 billion bond.
The measure failed along party lines in the Democratic-led Senate after Republicans said it did not do enough for state dams and transportation.
While Democrats agree with the governor the state's infrastructure is long overdue for improvement, they have disagreed on which public works need repair and expansion.
Republicans lawmakers said California should not issue more debt and proposed setting aside a percentage of state revenues for infrastructure needs.
Why isn't the lame stream press reporting on the large amount of enviro and special interest graft and corruption...I mean, spending; and the hidden tax hike?
First, March 10. Now, March 13.
I think California should wait until Schwarzenegger/Perata/Nunez find their 8th victim and them we can have an election 90 days latter.
Fair and flexible.