Governor Schwarzenegger calls for emergency legislative session to deal with fiscal crisis



As his time in office comes to an end, California governor Arnold Schwarzenegger has declared a fiscal emergency in the Golden State, calling legislators to a special session next month to deal with the growing budget crisis.

The call comes in response to a report released Thursday by the Legislative Analyst's Office warning of a $25.4 billion deficit over the next 20 months. Incoming legislators chosen in last week's elections will be called upon for the emergency session on December 6 - the date new officials will be sworn in.

"I know this will be difficult, but as we know from experience, putting off the hard decisions to bring spending in line with our revenues only makes solving the problem more difficult," the governor said. "Legislators will have to face the ugly truth that we can only spend the revenues we have."

To add to the looming budget crisis, California's unemployment rate of 12.2 percent remains significantly higher than the national average of 9.6 percent - another factor that has affected many entrepreneurs' prospects of creating a California LLC.

Tags : ca, small business management
Posted: Nov 12th, 2010
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