Friday, November 12, 2010

Condition Red: California

California Governor Arnold Schwarzenegger said he will call a special session of the state legislature on December 6 to tackle the budget deficit, newly estimated at more than $25.4 billion through the next fiscal year, reports Reuters. Schwarzenegger said he would offer a plan including budget cuts, but Assembly Speaker John Perez rebuffed Republican Schwarzenegger and said he prefers to work on budget matters with incoming Governor Jerry Brown, a fellow Democrat who takes office

The muni bond market reacts:

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