Schwarzenegger says he will declare fiscal emergency
Gov. Arnold Schwarzenegger says he will declare a “fiscal emergency” in January to give him and the legislature more power to deal with the state’s growing deficit.
…California’s budget deficit is far worse than economists predicted just a few weeks ago. The shortfall is no longer expected to be $10 billion, but more than $14 billion — a 40 percent jump that would put it in orbit with some of the state’s worst fiscal crises, those who have met with him said.
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