Why California,8 th GDP entity,declared fiscal emergency?

• lionnoisy

  3 Dec 08, 16:26

  Why California,the 8 th biggest GDP by volume in the world,

  was  declared in  a fiscal emergency?

  I really cant understand.USA as a nation have to bear the military expenses.

  I dunt think Calif have to.This is one of the richest state,if not the richest.

  Pl share with us here.

  http://gov.ca.gov/

  Fiscal Emergency Proclamation December 1, 2008

  Governor Calls New Legislature Into a Prop 58 Special Session

  12/1 - Governor Schwarzenegger today declared a fiscal emergency for the state of California, allowing him to call a Proposition 58 legislative special session to address this emergency. The Governor also called a second legislative special session to address the state’s economy.
  Read More About Prop 58 special session  »

  Main article: Economy of California

  

  

  The Hollywood Sign overlooking Los Angeles is a symbol of the motion-picture industry.

  As of 2007, the gross state product (GSP) is about $1.812 trillion, the largest in the United States. California is responsible for 13 percent of the United States gross domestic product (GDP). As of 2006, California's GDP is larger than all but eight countries in the world (all but eleven countries by Purchasing Power Parity). California is facing a $16 billion budget deficit for the 2008-09 budget year.^[31]

  http://en.wikipedia.org/wiki/California

   

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