What, you thought when California got its budget called, that that had actually solved anything?
Ha. They just kicked the can down the road: barely.
California Governor Arnold Schwarzenegger said on Thursday he will call a special session of the state legislature on December 6 to tackle the budget deficit, newly estimated at more than $25 billion through the next fiscal year. Schwarzenegger said he would offer a plan including budget cuts, but Assembly Speaker John Perez rebuffed Republican Schwarzenegger and said he prefers to work on budget matters with incoming Governor Jerry Brown, a fellow Democrat who takes office in January.
Meanwhile, California muni bond funds are tanking.
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