Schwarzenegger has slashed 3 billion from the State3 bufget and is warning that billions more of cuts are needed. Schwarzenegger said "There is much more to come. This is only the beginning," California is at risk of a credit rating downgrade if the state fails to address budget shortfalls http://news.yahoo.com/s/nm/20080216...a_budget_dc;_ylt=AnbAL3GOnP5O9rzrWsbivJ6yBhIF