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Kadie Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:46 PM
Original message
Schwarzenegger To Declare 'Fiscal Emergency'
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.2.61...
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NMDemDist2 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:47 PM
Response to Original message
1. yeah, poor Davis tried to warn them and they recalled him for it n/t
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napi21 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:52 PM
Response to Reply #1
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!
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:47 PM
Response to Reply #1
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.
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aint_no_life_nowhere Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 06:06 PM
Response to Reply #1
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.
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fed-up Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 10:16 PM
Response to Reply #1
19. BINGO! nt
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AX10 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:48 PM
Response to Original message
2. But Arnie was supposed to be the savior of the state.
Edited on Fri Dec-14-07 04:48 PM by AX10
Davis got recalled because he wanted to balanced priorities. Arnie has raped the state for his GOP goons.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:49 PM
Response to Original message
3. Straight out of the "You get what you deserve" bin.
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bullimiami Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:51 PM
Response to Original message
4. they were stupid enough to buy arnolds bullshit.
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AlCzervik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:52 PM
Response to Reply #4
6. we weren't all stupid you know, many of us voted "No" on the recall.
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bullimiami Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:53 PM
Response to Reply #6
8. many was unfortunately not the majority.
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kma3346 Donating Member (423 posts) Send PM | Profile | Ignore Fri Dec-14-07 05:00 PM
Response to Reply #8
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:
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Journeyman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:52 PM
Response to Original message
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.
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Kutjara Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 04:53 PM
Response to Original message
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!
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LakeSamish706 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:03 PM
Response to Original message
11. I wonder if this housing crisis is factored into the $14 billion? n/t
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zbdent Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:12 PM
Response to Original message
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 ...
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book_worm Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:18 PM
Response to Original message
13. Recall Him!!
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Vickers Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:19 PM
Response to Original message
14. I thought he was gonna terminate that deficit?
Edited on Fri Dec-14-07 05:19 PM by Vickers
:shrug:

and

:eyes:
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NV Whino Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:24 PM
Response to Original message
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.
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Demobrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:36 PM
Response to Original message
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.
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Occam Bandage Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 10:21 PM
Response to Original message
20. That's some responsible governance, there. Nice job "terminating" the deficit.
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Rex Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 10:22 PM
Response to Original message
21. Hey looky Ahnold is Ronny Raygun material!
Series.
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