Gov: State deficit $21 billion if measures fail

California's budget deficit in the coming year will balloon to $21.3 billion if voters reject key ballot measures in the May 19 special election, while the shortfall will be $15.4 billion if voters approve them, Gov. Arnold Schwarzenegger said today in a letter to legislative leaders.

All but one of the six ballot measures trailing in polls and Schwarzenegger has warned in recent days that if the measures fail the state would have to make devastating cuts that could undermine public safety, schools and local government.

Today, Schwarzenegger upped the ante by informing legislative leaders that he intends to release a revised version of his budget on Thursday, five days before the election, that will spell out solutions to fiscal crisis.

"In order to avert both a budget shortfall and a cash crisis, it is imperative that we begin work immediately to address these challenges," Schwarzenegger wrote in the letter.

Matt David, a spokesman for Schwarzenegger, said the governor believes "he has the responsibility to be level with Californians on the size of the problem and how he plans to approach it in solving it."

via Gov: State deficit $21 billion if measures fail.