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Calif. Budget Deficit Nearly $15 billion


Governor Arnold Schwarzenegger says California's budget shortfall has grown to $14.8 billion for the current fiscal year.

Schwarzenegger is calling for an urgent meeting of legislative leaders to address the crisis.

He says he's frustrated by the lack of action by the legislature.

Schwarzenegger: I called a special session last month and told them they need to address four serious problems: Close the current shortfall in the budget, stimulate the economy, help the people stay in their homes and restore the state's unemployment insurance fund. They met, they debated, they postured and they did nothing. They didn't even deal with one single of those issues. If that isn't a shameful performance, I don't know what is.

The governor declared a fiscal emergency last month and called a special session of the new Legislature to address the growing gap.

He wants a combination of spending cuts and tax increases.

Republicans and Democrats have failed to reach a compromise on how to resolve the deficit.


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