Chiding the state legislature for failing to heed his call last month to come up with a plan to rein in spending and increase revenues, California Governor Arnold Schwarzenegger said Wednesday that with the state overspending its revenue by about $40 million a day, the state's budget deficit for the current fiscal year had mounted to almost $15 billion.

At a news conference at the Capitol, Schwarzenegger said that if the legislature does not take quick action to fix the deficit, the state will run out of cash by the end of February. He said: "We're heading towards a financial Armageddon."

As economic conditions continued to deteriorate, Schwarzenegger had called a special session of the legislature in November to deal with new deficits. However, the Legislature was unable to find a compromise solution - Republicans stood firm on their vow not to support taxes, and Democrats argued in favor of spending cuts and taxes. Expressing his frustration over what happened, Schwarzenegger said: "They met, they debated, they postured and they did nothing. If that isn't a shameful performance, I don't know what is."

Declaring a fiscal emergency in the state on December 1, the governor called another session with newly-elected lawmakers, but no fiscal plan has come yet. The Legislature on Monday held an unprecedented joint session to hear from the state's leading finance officials; and the Assembly is expected to begin Thursday.

Gov. Schwarzenegger said, if need be, he is ready to stay in Sacramento until Christmas to come up with a plan. He added: "There will be no Christmas gift that would be greater for the people of California than for us to solve this crisis."