Gov. Schwarzenegger (Creative Commons)

The special budget session will commence Dec. 6, when the new class of state legislators is sworn in. Schwarzenegger said he does not think the new legislators can waste any time in addressing California's budget problems.

The state's nonpartisan Legislative Analyst's Office said Wednesday that California will face a $25.4 billion deficit over the next year, and warned that dealing with the budget will be a difficult task. 

Read more about the emergency budget from the Los Angeles Times here, or from Capitol Alert here.