California controller: We're facing a "meltdown" in 50 days

The revenues of the government of the most populous U.S. state fell short of estimates in Schwarzenegger’s budget plan by $827 million, Chiang said.

“Without immediate solutions from the governor and legislature, we are less than 50 days away from a meltdown of state government,” Chiang said in a statement.

“A truly balanced budget is the only responsible way out of the worst cash crisis since the Great Depression,” Chiang said.