Is California Facing a Financial Armageddon?

Governor Arnold Schwarzenegger has lost another round in his ongoing battle with Republicans, Democrats…and the voters of California. On our rebroadcast of today's To the Point, we look at yesterday's crushing election results and the bleak future of a state with a deficit of $21 billion. In the aftermath of yesterday's election, Governor Schwarzenegger says he'll "go all out" to cut government spending. On Which Way LA?, we talk with two state senators, Republican and Democrat, about what's next in Sacramento. Which programs are likely to be cut first? What can be saved? Will the political parties find greater consensus now than they did before the election?

Banner image: Voters cast their ballots near caution tape and racks of firefighting hoses at Fire Station 38 in Pasadena, as people go to the polls for a special election called by Gov. Arnold Schwarzenegger and lawmakers to decide on statewide budget-balancing ballot propositions. Photo: David McNew/Getty Images