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Schwarzenegger declares California fiscal emergency

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Schwarzenegger declares California fiscal emergency

29.07.2010
The governor of the US state of California Arnold Schwarzenegger has declared a fiscal state of emergency.

California is currently struggling with massive debts and has a budget deficit of US$19bn.

Schwarzenegger’s move comes as he awaits a budget from the state’s lawmakers to address the massive hole in California’s budget, which is now a month overdue.

Schwarzenegger said without a fresh budget in place the latest cash projections show that California’s cash will go into the negative no later than October 2010.

He added that in the absence of a new budget to tackle the state’s debts, “every day brings California closer to a fiscal meltdown”.

Schwarzenegger also ordered employees of the state of California to take three days of unpaid leave during each month until a new budget is enacted.

He said the state’s cash situation left him no choice but to order workers to take the so-called ‘Furlough Friday’ until the legislature produced a budget that he could sign.

This is not the first time Schwarzenegger has declared a fiscal state of emergency, having called one back in July 2009. At the time, the governor also introduced work furloughs for state employees.

 

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