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Schwarzenegger Declares California In Fiscal Emergency
Topics:Economic Data | Interest Rates | Inflation | Ben Bernanke | Employment | Consumers | Federal Reserve | Federal Budget (U.S.) | Economy (Global) | Economy (U.S.)
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California Gov. Arnold Schwarzenegger Wednesday declared a fiscal emergency for the government of the most populous U.S. state to force lawmakers into a special session to tackle a $24.3 billion state budget gap.
Lawmakers have failed to agree on a spending plan that balances the state's budget for its new fiscal year, which began early Wednesday morning, and budget talks are at an impasse.
"Though the legislature failed to solve our budget problem yesterday, rest assured that solving the entire deficit remains my first and only priority, and I will not rest until we get it done. I will not be a part of pushing this crisis down the road -- the road stops here," Schwarzenegger said in a statement.
Copyright 2009 Reuters. Click for restrictions.
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