Schwarzenegger Declares Budget Emergency

Folks, this is happening in real time. From Sacramento's KCRA:

Gov. Arnold Schwarzenegger on Wednesday proclaimed a fiscal emergency and called a legislative special session to address California's budget crisis.
The new fiscal year began Wednesday without a solution to the state's $24.3 billion deficit.The governor also exercised his executive authority to save cash for vital state functions and services by ordering three furlough days every month for state workers.Thousands of state workers convenged in front of the Capitol to protest the third furlough day....MORE