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CNBC.com Arnold Schwarzenegger

Governor Arnold Schwarzenegger gave a short speech to California legislators today with a brief message: "Do your job". That is the message sent by angry voters, he says, who are also demanding that California not close its $24 billion deficit by raising taxes.

In a speech which hoped to rally politicians facing the toughest choices of their political careers, Governor Schwarzenegger invoked Churchill. "Winston Churchill said a pessimist sees the difficulty in every opportunity. An optimist sees the opportunity in every difficulty." You have to be pretty optimistic to see the opportunities in a state where revenues are down 27 percent from last year to the level of 2003. When adjusted for inflation and population growth, the Governor says revenues are at levels we haven't seen since the late '90s (which were actually bullish days in California).

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"California's day of reckoning is here," he told assembled lawmakers. "Our wallet is empty, our bank is closed, and our credit is dried up."

His speech did not offer many specifics on where to cut, but he mentioned several ideas for saving money. One idea he suggested is digitizing public school textbooks, which could save schools hundreds of millions of dollars. He talked about prisons: California spends $49,000 per prisoner per year on average, 35 percent more than the national average. "Other states have privately-run correctional facilities that operate at half the cost. Why can't we?" he asked. And Gov. Schwarzenegger is hoping to finally prevail on a long-sought goal--eliminating or consolidating several state boards and commissions.

"These include the Waste Management Board, the Court Reporters Board, the Department of Boating and Waterways and the Inspection and Maintenance Review Committee." (There's a Court Reporters Board?) "We should not, and I will not, cut a dollar from education, a dollar from health care, a dollar from public safety, or a dollar from state parks without first cutting the Waste Management Board," the Governor told lawmakers, who responded only this once with applause.

Finally, the Governor said that any budget fix should not come with "gimmicks" which merely push out the state's fiscal problems to the next Governor and the next Legislature. But this former action star also demanded quick action. "The Controller has told us we have 14 days to act or California is at risk of running out of cash...If we don't act, the state will simply run out of money and go insolvent."

Here is the entire speech, which actually run a little less than 12 minutes.

Update: USING HOLLYWOOD TOUCH TO PITCH CALI BONDS

Meantime, I've just gotten word that at least one firm on Wall Street has received an automated call from the Governor pitching California Bonds. In the recorded call, Arnold Schwarzenegger repeatedly says, "Who's your Daddy and what does he do?" Not sure quoting from "Kindergarten Cop" is an effective sales pitch. Though, perhaps, better than "True Lies".

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