Following this afternoon’s historic joint convention of the California Legislature to hear from State Treasurer Bill Lockyer, State Controller John Chiang, the Legislative Analyst Mac Taylor and Director of Finance Michael Genest, Assembly Speaker Karen Bass released the following statement:

“Today the legislature received an unprecedented report on the state of the state’s fiscal health. It shows the economy has worsened substantially since we passed the last budget and has even deteriorated since Democrats put up $8.1 billion in cuts and $8.1 billion in new revenues to try and help solve the state’s budget problem at the end of November. The objective information we received today makes it clear: California’s fiscal situation is severe, it’s directly tied to the national recession and it will take both cuts and revenues to solve the problem. I am hopeful today’s presentations from the Treasurer, Controller, Department of Finance and Legislative Analyst will provide important tools for the legislature to use in moving forward toward a bipartisan solution. The Assembly Budget Committee will meet on Thursday and I am hopeful we will be able to vote on solutions – again real cuts and new revenues – before Christmas.”