With time and money running out for California, Gov. Arnold Schwarzenegger has today declared a fiscal emergency and called legislators into a new special session that won't end until they agree on a way to trim the state's $11.2($NZ 22)billion budget deficit.
"Without immediate action, our state is headed for a fiscal disaster in which California could run out of money to pay its bills by late February", the governor said in a news conference in Los Angeles.
He compared the growing deficit to an avalanche gaining momentum, and he slammed the Legislature, Democrats and Republicans both, for not coming up with any solutions during a special session that ended Nov. 25.
"Unfortunately for California, the legislators did not seem to appreciate the severity of our crisis," Schwarzenegger said. "In an emergency like this, we have to take quick action to avoid even worse problems, even if they include decisions we don't like."
So, heads up on the imminent closure of local libraries, parks, swimming pools and childcare centres... and taxes predicted to stay exactly where they are.
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