Nathan Fletcher of San Diego held his son, Zach, as he was sworn in as a member of the state Assembly in Sacramento. He was immediately confronted with the declaration of a fiscal emergency concerning the state budget deficit.
(Rich Pedroncelli/ Associated Press)
Schwarzenegger declares fiscal emergency
Nathan Fletcher of San Diego held his son, Zach, as he was sworn in as a member of the state Assembly in Sacramento. He was immediately confronted with the declaration of a fiscal emergency concerning the state budget deficit.
(Rich Pedroncelli/ Associated Press)
December 2, 2008
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SACRAMENTO - Governor Arnold Schwarzenegger declared a fiscal emergency yesterday 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 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.
The Republican governor and Democratic lawmakers have proposed a combination of tax increases and spending cuts, but Republican lawmakers steadfastly refuse to raise taxes.
No compromise could be reached during a special session last month, which pushed the problem to a new Legislature being sworn in yesterday.
ASSOCIATED PRESS
© Copyright 2008 Globe Newspaper Company.
