Schwarzenegger Declares Fiscal Crisis, Invokes Emergency Powers
NewsMax.com Wires
Thursday, Dec. 18, 2003
SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger declared
California in a fiscal crisis Thursday and invoked emergency powers
that allow him to make spending cuts without the Legislature's
approval.
The move comes as local governments in the state edged closer to
financial meltdown after the loss of millions of dollars a day
in revenue resulting from Schwarzenegger's decision to cut a car
tax.
Schwarzenegger imposed $150 million in spending cuts Thursday to
provide the money to local government.
"I had to do this," Schwarzenegger said at the press
conference Thursday.
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