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Schwarzenegger Says Budget Gap Tops $3 Billion

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Oct 27, 2008 4:19 pm US/Pacific

Schwarzenegger Says Budget Gap Tops $3 Billion

SACRAMENTO (AP) ―

Click to enlarge 1 of 1: Governor Arnold Schwarzenegger.
Justin Sullivan/Getty Images

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Gov. Arnold Schwarzenegger says California's budget shortfall has surpassed $3 billion and must be dealt with during a special legislative session right after the election.

The Republican governor said Monday that the session will also focus on ways to ease the state's housing crisis, create jobs and stimulate the economy.

He said he would call the session on Nov. 5. Legislative leaders said lawmakers would convene within a few days after the governor issues his proclamation.

They hope to get some agreement on how to deal with the shortfall and the state's economic problems before the current Legislature leaves office on Nov. 30.