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SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address California's $11.2 billion deficit.
The state's revenue gap is expected to hit $28 billion over the next 19 months without bold action. The emergency declaration authorizes the governor and lawmakers to change the existing budget within 45 days.
The state is likely to run out of cash in February.
"Without immediate action, our state is headed for a fiscal disaster, and that is why ... I am wasting no time in calling a fiscal emergency special session," Schwarzenegger said in prepared remarks.
Originally posted by Karlhungis
reply to post by rattan1
The gesture of a politician giving up his salary due to hard times means nothing to me. These guys get so many kick backs from lobbyists that their salary is just an icing on the cake.