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	<title>Charting Stocks &#187; budget shortfall</title>
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		<title>California on the Brink: Fiscal Emergency Declared, Deficit Sky Rockets, S&amp;P Downgrade</title>
		<link>http://www.chartingstocks.net/2008/12/california-on-the-brink-fiscal-emergency-declared-deficit-sky-rockets-sp-downgrade/</link>
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		<pubDate>Thu, 11 Dec 2008 21:01:16 +0000</pubDate>
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				<category><![CDATA[Bonds]]></category>
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		<category><![CDATA[arnold schwarzenegger]]></category>
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		<category><![CDATA[budget deficit]]></category>
		<category><![CDATA[budget shortfall]]></category>
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		<category><![CDATA[deficit]]></category>
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		<category><![CDATA[Emergency]]></category>
		<category><![CDATA[fiscal emergency]]></category>
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		<category><![CDATA[Gov. Arnold Schwarzenegger]]></category>
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		<description><![CDATA[Gov. Arnold Schwarzenegger has revised his previous estimated budget shortfall of $11.2 billion to $14.8 billion for the fiscal year. California&#8217;s budget deficit now predicted to hit $41.8 billion within 18 months.
Schwarzenegger attributes the deficit to the collapsing economy. Sales throughout the state have plummeted as has both personal and corporate tax revenues. The governor [...]]]></description>
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