Posted on Thu, Dec. 11, 2008
last updated: December 11, 2008 07:11:48 AM
Saying California is "headed toward a financial Armageddon," Gov. Arnold Schwarzenegger blistered lawmakers on Wednesday as administration officials said the state's two-year budget hole has grown to about $40 billion.
With the economy reeling and revenues plummeting, previous projections of $11.2 billion in red ink during the current year have risen to $14.8 billion in the $100 billion general fund – and roughly $25 billion in 2009-10.
"When you have a crisis, the most important thing is to make a decision – and the worst thing is not to make a decision," Schwarzenegger said, urging the Legislature to move quickly.
Schwarzenegger accused lawmakers of "playing chicken" in negotiations, threatening to plunge state government into a financial abyss while gambling on who will blink.
"That's a very dangerous game," he said.
Assembly Majority Leader Alberto Torrico announced separately Wednesday that he will push for an around-the-clock lockdown of the Assembly during Christmas week.
"That'll get it done," the Newark Democrat said of forcing lawmakers to stay inside the Capitol until they reach consensus, a tactic tried successfully in July 2003 by then-Assembly Speaker Herb Wesson during a budget standoff.
Read the complete story at sacbee.com