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Schwarzenegger To Declare Fiscal Emergency

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Dec 14, 2007 2:14 pm US/Pacific

Schwarzenegger To Declare Fiscal Emergency

SACRAMENTO (AP) ― Gov. Arnold Schwarzenegger said he will declare a "fiscal emergency" in January so that he and the legislature will have more power to deal with the state's growing deficit.

 

Schwarzenegger made the announcement Friday after meeting with lawmakers and interest groups this week to tell them California's budget deficit is worse -- far worse -- than economists predicted just a few weeks ago.

 

The shortfall is not $10 billion, but over $14 billion -- a 40 percent jump that would put it in orbit with some of the state's worst fiscal crisis, those who have met with him said.

 

A fiscal emergency would trigger a special session and force lawmakers and the governor to begin addressing the shortfall within 45 days.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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