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First Take: Schwarzenegger calls special session. Janice Hahn bows out of state Senate bid.

November 12, 2010 |  6:55 am

Faced with a $6-billion hole in this year's budget, Gov. Arnold Schwarzenegger will take one more shot at chipping away at the state's fiscal mess. He will call the Legislature into special session immediately after the new crop of legislators is sworn in on Dec. 6, less than one month before Schwarzenegger leaves office.

As the state's financial plan already begins to unravel, state bond sellers will ask Wall Street investors to pick up another $14 billion in debt as the state tries to sell new bonds.

Los Angeles Councilwoman Janice Hahn, who ran for lieutenant governor, announced Thursday she would not run for the state Senate seat left vacant by Jenny Oropeza's death. Assemblyman Ted Lieu (D-Torrance) has already announced his candidacy and received Hahn's endorsement Thursday.

California's Republican Party suffered sweeping losses in last week's election, but the state party's chairman, Ron Nehring, is among the names being mentioned to run the Republican National Committee.

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