California teeters on the brink.

Watch the whole country fail in slow motion.  Seat belts on?  Here we go!

By Jim Christie Jim Christie – Wed Jul 28, 5:55 pm ET

SAN FRANCISCO (Reuters) – California Governor Arnold Schwarzenegger declared a state of emergency over the state's finances on Wednesday, raising pressure on lawmakers to negotiate a state budget that is more than a month overdue and will need to close a $19 billion shortfall.

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