California’s fiscal crisis continued to worsen Monday as Fitch Ratings cut the state’s bond ratings for the second time in under a month.
Gov. Arnold Schwarzenegger (R) tweeted his frustration about the blow to his state’s financial health:
Fitch downgrade of CA’s credit rating is exactly why we need to be working until deficit is solved w necessary cuts and not boycotting mtgs.
Schwarzenegger has been locked in a stalemate with the state legislature over solutions to the budget crisis. The former movie star has not been able to convince the legislature to accept deep budget cuts thus far.
Fitch announced its decision this afternoon.