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Schwarzenegger declares fiscal emergency
Gov. Arnold Schwarzenegger ordered the new Legislature into work on its first day, declaring a fiscal emergency to deal with the state's deterioriating finances.
"Without immediate action, our state is headed for a fiscal disaster where everyone will be hurt," Schwarzenegger said at a press conference this afternoon in his Los Angeles office.
The state projects a $28-billion deficit by mid-2010, but at the current rate is on track to run out of cash by February or March.
More at: http://link.latimes.com/r/XY25HV/UHIVO/9IQWZO/I375/466K6/6C/t
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