Los Angeles Times | December 1, 2008 | 1:05 p.m. PT --- 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/IO3TIN/BXGSQ/2ZC8QJ/8YG6/YLLM9/6C/t
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