Schwarzenegger Declares Fiscal Emergency

Schwarzenegger has called a state of emergency in California. The state is in trouble and lawmakers have yet to negotiate a state budget that is now a month overdue.

Click title of post for full article.

The deficit is 22 percent of the $85 billion general fund budget the governor signed last July for the fiscal year that ended in June, highlighting how the steep drop in California's revenue due to recession, the housing slump, financial market turmoil and high unemployment have slashed its all-important personal income tax collection.

In the declaration, Schwarzenegger ordered three days off without pay per month beginning in August for tens of thousands of state employees to preserve the state's cash to pay its debt, and for essential services.

Hmmm...sounds like something that should have been done awhile ago. Is anyone surprised by any of this?