Schwarzenegger declares fiscal emergency in Calif.

SACRAMENTO, Calif. (AP) - Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address California's $11.2 billion deficit.

The state's revenue gap is expected to hit $28 billion over the next 19 months without bold action. The emergency declaration authorizes the governor and lawmakers to change the existing budget within the next 45 days.

Without quick action, the state is likely to run out of cash in February.

Possibly California has too many climate change bureaucrats?

“The [carbon credit] landscape is vastly more complex than we thought,” Sayles said. “Others have a big head start and a lot more resources. California has 120 people working on this full-time.”