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Schwarzenegger Calls For Special Budget Session

Sacramento, CA (AP) — Governor Schwarzenegger is warning that California is in danger of running out of daily operating cash within two months time.

He declared a fiscal emergency Monday and called the new Legislature into a special budget session to figure out a way to solve the $11.2 billion budget deficit in the current fiscal year.

Unless budget corrections are made quickly, the state is likely to run out of cash in February and see its revenue gap widen to $28 billion over the next 19 months.