Discrepancy with California’s deficit

California Governor Arnold Schwarzenegger has
called the state legislature into special session. They’ll meet in Sacramento starting December 6 to tackle another state deficit that’s opened up since the last budget deal was reached a little more than a month ago.

What was originally thought to be a $19 billion shortfall has turned into a more than $25 billion hole.

Stephen Levy, director of the Center for
Continuing Study of the California Economy, tells Steve Chiotakis about where the discrepancy comes from and why the special session is taking place in December:

“The Governor-elect, Jerry Brown, has said ‘We’ve got to get started on the budget early,'” said Levy. “So I think the legislature has to start early to talk about filling this $6 billion hole.”

Listen to the rest of the interview by clicking on the audio link above.