Friday, January 08, 2010

Hey Arnold, you are a bit late declaring a budget emergency

For the umpteenth time Arnold says things are REALLY BAD in California, and he is not kidding this time.

Hey Arnold, its been really bad for a LONG, LONG, LONG time in California because you and many others simply would not face fiscal reality. Welcome home, chickens.

The governor also declared yet another fiscal emergency, and called for yet another special session of the Legislature, designed to keep a projected $19.9 billion budget deficit from growing by another $2.4 billion.

"I know that the budget I have laid out today is difficult and it is painful," Schwarzenegger told reporters and others gathered in an auditorium at the secretary of state's office. "But California is resilient, and we know that we will once again get through these tough challenges."

The governor is proposing a three-part deficit-closing solution: $8.5 billion in spending cuts, $4.5 billion in "revenue shifts," some of which were rejected by voters last year, and $6.9 billion in additional money from the federal government.