No Sh*t

SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger (news – web sites) declared California in a fiscal crisis Thursday and invoked emergency powers so he could impose $150 million in spending cuts without the Legislature’s approval.

“I had to do this,” Schwarzenegger said at a news conference Thursday.

The move comes as local governments in the state edged closer to financial meltdown following the loss of millions of dollars a day in revenue resulting from Schwarzenegger’s decision to cut a car tax.

Let the recall begin.