Fiscal emergency in California

(CNN) - California Gov. Arnold Schwarzenegger on Monday declared a fiscal emergency, calling for fast legislative action to alleviate the state's $11.2 billion shortfall in revenue.

"Without immediate action our state is headed for a fiscal disaster and that is why with more than two dozen new legislators sworn in today - I am wasting no time in calling a fiscal emergency special session," Schwarzenegger said in a news release.

Under the state's Proposition 58, lawmakers will have 45 days to pass measures on resolving the fiscal crisis, and if at the end of that time they have not, the legislature will not be allowed to adjourn or act on other bills until they do, according to the governor's office.