How many times has California experienced “fiscal emergencies” now? It seems like it’s in dire straits everytime we turn around. Maybe those ridiculous budgets and massive deficits aren’t good for the state’s finances, huh?
Anyway, Governor Arnold Schwarzenegger has declared the state is in a “fiscal emergency” and has called its legislators into a special session to deal with it.
Gov. Arnold Schwarzenegger has declared a fiscal emergency and called lawmakers into a special session to address California’s $11.2 billion budget deficit.
The state’s revenue gap is expected to hit $28 billion over the next 19 months unless the governor and lawmakers take bold steps.
Schwarzenegger and Democrats have proposed a combination of tax hikes and spending cuts, but Republican lawmakers have remained steadfast in their refusal to raise taxes.
Unless budget corrections are made quickly, the state is likely to run out of cash in February.
In a statement Monday, Schwarzenegger said California is headed toward “fiscal disaster” without immediate action.
As IBD points out, Schwarzenegger isn’t without blame.
by Stephan Tawney on Tue, Dec 2, 2008