Schwarzenegger: Current Deficit Now $14.8 Billion

By: Judy Lin AP
By: Judy Lin AP

SACRAMENTO (AP) - Gov. 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 lawmakers', quote, "shameful performance."

The governor declared a fiscal emergency last month and called a
special session of the new Legislature to address the growing gap.
The deficit then was estimated at $11.2 billion.

He wants a combination of spending cuts and tax increases. So far, Republicans and Democrats have failed to reach a compromise.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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