State of emergency

I'm going to tell my creditors I've declared a Fiscal Emergency. Everyone's doing it.

Gov. Schwarzenegger Proposes Budget, Declares Fiscal Emergency, Calls Special Session to Immediately Address Current Year Shortfall

Governor’s Budget Reforms Increase Fiscal Responsibility, Restrain Spending

Governor Arnold Schwarzenegger today submitted his proposed budget for 2008-09, which addresses the systemic problems that drive California’s chronic deficits. At the same time, Governor Schwarzenegger issued proclamations (attached) declaring a fiscal emergency and calling a special session of the legislature to address the current year $3.3 billion budget gap.

Governor Schwarzenegger’s 2008-09 budget proposal takes the difficult but necessary steps California needs to rein in the state deficit and stabilize the budget without raising taxes.

“We are facing a very tough situation, but with tough times come historic opportunities. I am convinced the legislature will help turn today’s temporary problem into a permanent victory for the people of California by joining me to enact true budget reform,” said Governor Schwarzenegger. “We simply cannot have a budget system where revenues and spending are not tied together. We must rise to the challenge and fix California’s budget system once and for all.”