Gov. Declares Fiscal Emergency, Special Session

SACRAMENTO, CA-Gov. Arnold Schwarzenegger on Wednesday declared a fiscal emergency, ordered three unpaid furlough days every month for state employees in order to conserve cash and called a Proposition 58 legislative special session. On Thursday, the Governor and Senate President Pro Tem Darrell separately told the media that they are now prepared to compromise and are working to come to an agreement in days, not weeks. The move comes one day after the start of the new fiscal year, which began with the state sending out registrered warrants (IOUs) instead of checks to creditors because the Governor and the state... [read full story]                    

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