Schwarzenegger: State Faces Another $10 Billion Shortfall

And you thought California’s financial problems were tackled when the state’s leaders signed off on a budget. Silly rabbit. Governor Arnold Schwarzenegger has warned that an additional $10 billion budget shortfall will probably hit the state this year, forcing him to cut the education budget by between $2 billion and $4 billion. The governor intends to call a special meeting of the state legislature immediately after next week’s elections.