Governor, Legislative Leaders to Meet Weekly Over Finances

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(Sacramento, CA)
Wednesday, October 8, 2008

Governor Schwarzenegger emerged from a meeting with top lawmakers to say he’s not yet calling for a special legislative session to address the budget.

Schwarzenegger says right now he and legislative leaders are focusing on the state’s ability to do regular short-term borrowing to pay bills. 

 “And we want to meet weekly here because things change so much as you can see from one day to the next and there’s such a huge economic problem in the United States and worldwide…”

The Department of Finance is forecasting that the state’s revenues could be down about three billion dollars this fiscal year.   
However lawmakers expressed optimism that the state will be able to borrow as usual from Wall Street—despite the recent upheavals in the market. State Treasurer Bill Lockyer is preparing to go to the credit market to borrow four billion dollars.