December 26, 2007 (LPAC) -- On Jan. 3, legislatures will be gavelled into session in Ohio, Massachusetts, Maine and New Hampshire. Pennsylvania and Rhode Island are officially underway as of New Year's Day. By the end of January, elected bodies in 36 states will have convened, all facing the consequences of the fact that the financial system itself has already blown up--seen in the home mortgage meltdown and bank crises, and the fact that Congress has so far refused to act.

Many states, including Florida, Maryland and New York, have been in emergency sessions in recent months, because of revenue shortfalls. Florida, for example, expects another $1 billion drop in tax collections -- its legislature held a special session in October to plug a $1 billion shortfall. California Governator Schwarzenegger's Jan. 10 "fiscal emergency" declaration will demand a 10% budget cut, and early-release of 20,000 state prisoners, to save money.

"The budget" is listed as the number one issue, out of the top 10 now facing state legislatures in 2008, in poll results put out for January, by the National Conference of State Legislatures (NCSL). The Vice-Chairman of the NCSL, Massachusetts state Rep. Mark Falzone, said, "We're bracing for the worst," in 2008.

The LaRouche Political Action Committee is leading the charge for state and local insistence on Federal enactment of needed emergency measures to protect residents in their homes and preserve public credit, the HBPA--Homeowners and Bank Protection Act. Memorials calling for Congressional action on the HBPA have been introduced in six state legislatures, including a November 29th hearing in Pennsylvania. In four more states, in session by January 14, the draft HBPA Memorial is already set for submission: Alabama, Kansas, Missouri and Tennessee.

A calendar of when states convene has been assembled. This will be subject to change as the budgets blow and emergency actions will be required.