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California Governor Arnold Schwarzenegger told lawmakers at the Capitol that “California’s day of reckoning is here.”  Without any action, the state will run out of money in 14 days. Three months after the state budget was approved, California faces a $24 billion deficit (er that’s on a 90+ billion budget).

Gov. Arnold Schwarzenegger has revised his previous estimated budget shortfall of $11.2 billion to $14.8 billion for the fiscal year. California’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 [...]