Is California Facing a Financial Armageddon?

Following yesterday’s special election, Governor Schwarzenegger was scheduled back in Sacramento this afternoon to talk to legislative leaders about what to do now. State Treasurer Bill Lockyer says the state will need to borrow to pay its bills. To establish credit, it will need a new budget no later than mid-July.  We speak with State Senators Jeff Denham, Republican from the Central Valley, and Democrat Mark Leno of San Francisco, who sits on the Budget Committee.