Schwarzenegger To Declare 'Fiscal Emergency'

[Kadie]

Dec 14, 2007 2:43 pm

Schwarzenegger To Declare 'Fiscal Emergency'

SACRAMENTO (AP) ― 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.

Schwarzenegger made the announcement Friday after meeting with lawmakers and interest groups this week to tell them 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 have said.

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

"What we have to do is fix the budget system. The system itself needs to be fixed, and I think that this is a good year, this coming year, to fix it," Schwarzenegger said in Long Beach, where he was promoting his plan for health care reform.

California is struggling with shrinking state tax revenue from the meltdown of the subprime housing market and the credit crunch on Wall Street. State spending also has increased by more than 40 percent since Schwarzenegger took office after the 2003 recall of then-Gov. Gray Davis.

more...
http://cbs13.com/local/California.fiscal.emergency.2.611306.html

[NMDemDist2]

1. yeah, poor Davis tried to warn them and they recalled him for it n/t

[napi21]

5. That was MY first thought! Isn't that the main reason they recalled Davis?

I don't live in Calif. I wish I could but I can't aford it! I hope this smacks Arnie HARD! I hope Californians end up being OK, but I'd love to see Arnie and the Pubs pay a BIG PRICE for this!

[gratuitous]

17. Oh heck, nobody remembers that!

Certainly not Darrell "Crybaby" Issa or any of the other big money boys who foisted Ah-nuld on the people of California.

[aint_no_life_nowhere]

18. Oh the irony - So let's start beating the recall drums ourselves

I don't like the idea of another recall, but fair's fair.

[fed-up]

19. BINGO! nt

[AX10]

2. But Arnie was supposed to be the savior of the state.

Davis got recalled because he wanted to balanced priorities. Arnie has raped the state for his GOP goons.

[RUMMYisFROSTED]

3. Straight out of the "You get what you deserve" bin.

[bullimiami]

4. they were stupid enough to buy arnolds bullshit.

[AlCzervik]

6. we weren't all stupid you know, many of us voted "No" on the recall.

[bullimiami]

8. many was unfortunately not the majority.

[kma3346]

10. Yeah--I certainly didn't vote for him

And neither did most of my family or friends. I still can't believe he's our governor (or should I say "governator").

UGH!


:puke:

[Journeyman]

7. Wasn't the deficit that brought Davis down somewhere in the neighborhood of $8 billion?. . .

Maybe someone with a better memory than I can clarify this, but I remember numbers bandied about between $8 and $32 billion, with somewhere between $6 and $10 billion being the focus of most consent.

[Kutjara]

9. Gee, who knew that basing fiscal policy...

...on an economic bubble was a bad idea? I mean, house prices were supposed to go up forever, weren't they? Isn't there some law that says they can't go down? Whaddaya mean letting shady banks lend squillions of dollars to people who haven't got a pot to piss in and then shifting the loans around like a street-corner game of Find the Lady isn't sound financial management? It's what made America great!!!

As for spending, Arnie knows that, whenever the coffers run dry, just make another moooovie! That's what California needs to do: make a big budget action picture! That'll fix everything!

[LakeSamish706]

11. I wonder if this housing crisis is factored into the $14 billion? n/t

[zbdent]

12. Wasn't the assholinator supposed to personally "terminate" the debt?

buy were a bunch of rejects from the Jay Leno "street" bit (for giving too stupid of answers to common-knowledge questions) suckered in ...

[book_worm]

13. Recall Him!!

[Vickers]

14. I thought he was gonna terminate that deficit?

:shrug:

and

:eyes:

[NV Whino]

15. Yeah, dear old Arnie

settled the Eron debt for pennies on the dollar.

The main reason California has any kind of deficit is that Davis bailed us out of the Electricity disaster with what was then a surplus when Eron screwed us.

And before anyone condemns California for voting for Arnie, take a look at election fraud and the voting machines, and Dale Isa (Issa?)and his GOP steam roller.

[Demobrat]

16. I live in CA and I hope he has to raise taxes.

It would be worth it never to have to hear the words tax-and-spend Democrats again.

[Occam Bandage]

20. That's some responsible governance, there. Nice job "terminating" the deficit.

[Rex]

21. Hey looky Ahnold is Ronny Raygun material!

Series.