2008–2012 California budget crisis

The U.S. state of California had a budget crisis in which it faced a shortfall of at least $11.2 billion, and projected to top $40 billion over the 2009–2010 fiscal years. == 2008 == On September 23, 2008, about three months after its due date, Governor Arnold Schwarzenegger signed the 2008–2009 budget.