Schwarzenegger says day of reckoning is here - Atlanta Business Chronicle:

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“California’s day of reckoning is here,” he said. With no the state could run out of cash in14 days. Threed months after the state budgefwas approved, California faces a $24 billion Schwarzenegger has already proposed massive cuts to education, healthu care and prisons. Now he’s looking for structural refork to make government more efficient and stretchhtaxpayer dollars. He’s asked the State Board of for example, to make textbooks available in digital formats a move that couldsave millions. In the governor talked about blowing up boxeas andconsolidating agencies, but the initiatives never gainexd traction. They’re back.
Schwarzenegger is proposin g once again to eliminate and consolidate more than a dozenstatr departments, boards and commissions. This includes the Waste Management Board, the Court Reporters the Department of Boating and Waterways and the Inspectionb and Maintenance Review Committee. Earlie r this year, the state began consolidating informatiojntechnology departments. Now Schwarzenegger wants to consolidate departmentsw that oversee financial institutions and merge taxcollection operations. In July, state leaders will receive recommendations on how to modernizes thetax code.
“This will be a tremendous opportunityu to make our revenues more reliablde and less volatile and help the states avoid the boom and bust budgets that have broughtf ushere today,” Schwarzenegger told lawmakers. It’s not going to happe n in 14 days, he said. But it could happe before the Legislature adjourns for summert recess onJuly 17.