Schwarzenegger Vows Drastic Budget Cuts

In the wake of voters overwhelmingly turning down tax hikes to balance the budget, governor Schwarzenegger's Latest proposal eliminates CalWORKs, lets out inmates early.

In California's latest doom-and-gloom announcement, Gov. Arnold Schwarzenegger's Department of Finance on Tuesday proposed closing the state's main welfare program, releasing nonviolent prisoners one year early and shuttering up to 80 percent of state parks to shrink the state's $24.3 billion budget deficit.