California Short of Cash, Governor Calls Special Session
Schwarzenegger: Lawmakers Must Address Budget Woes
Spokesman Aaron McLear said Tuesday that the governor believes the budget crisis is so severe that a special session must be called before the new Legislature is sworn in Dec. 1.
There also is a political calculation for the governor. Lawmakers whose terms expire this year might be more willing to vote for a temporary tax increase or other unpopular ways to bring in extra revenue.
First, finance officials need to figure out exactly how short of cash California will be.
The state treasurer's office put the figure at $3 billion for the remainder of this fiscal year, but the state is expecting updated financial numbers in the next few weeks.