Schwarzenegger Calls Special Budget Session to Resolve Deficit
As soon as the new legislature is sworn in up in Sacramento next month, Governor Arnold Schwarzenegger intends to put everyone to work on resolving California's staggering budget deficit.
Starting December 6th, Schwarzenegger will have the legislature in a Special Session. Said the Governor of this decision: “I know this will be difficult, but as we know from experience, putting off the hard decisions to bring spending in line with our revenues only makes solving the problem more difficult. Legislators will have to face the ugly truth that we can only spend the revenues we have.”
Earlier this week, the Legislative Analyst's Office (LAO) released a report indicating that the projected state budget deficit for the upcoming year is expected to be over $25 billion.
“The LAO’s estimate is a sobering reminder that California’s economy is still struggling,” says Schwarzenegger.