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California: Arnold Schwarzenegger Declares 'fiscal Emergency'

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Heating up in the land of fake boobs and noses...

Coming here soon?


"As he declared the fiscal emergency, Governor Schwarzenegger said that state politicians needed to act "boldly and with conviction" after earlier this week rejecting legislation designed to save $5bn. The state of fiscal emergency means that the state legislature cannot adjourn or work on any other legislation until the budget crisis is solved.

His declaration will also lead to a partial state-wide shutdown of government offices, closing three days a month to save cash.

The news will hurt 235,000 state employees, who had already been forced to take two unpaid days a leave a month from work under earlier budget cuts.

State Controller John Chiang is preparing to write $3.3bn of IOU's to creditors, a move which will have a crippling impact on small businesses and local authorities reliant on state government funding for their cashflow, as well as hurt individual taxpayers awaiting refunds."

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