It looks like California state lawmakers will be coming back after the election to tackle the state's growing budget deficit. Governor Arnold Schwarzenegger has said he will call for a special session of the legislature November 5th -- the day after the election.
He says it's critical to act before the end of the year because the state's deficit has grown larger than expected:
Schwarzenegger: We don't know exactly the amount, but I know it is much more than the $3 billion.
Schwarzenegger says legislative leaders will address how to close that gap. He says they'll also look into a number of other issues, including an economic stimulus plan, solutions to the foreclosure crisis... and how to keep the state's unemployment fund solvent.
Democratic Assembly Speaker Karen Bass says the financial situation is more serious now than it was during the record budget stalemate this summer. She says that may give lawmakers the impetus to come to agreement.
Republicans are proposing tax changes to stimulate more job creation. Those include a new tax credit for companies that hire out-of-work Californians.
