California Gov. Arnold Schwarzenegger on Saturday signed six budget-cutting bills that will close the projected $3.3 billion shortfall in the state budget this fiscal year, but warned that more spending cuts would be needed. The cuts were approved by the Democratic-led California legislature and will take a combined budget shortfall for California's current and next fiscal year, which had been expected to top $14 billion, down to just over $7 billion. But the reductions fell short of the original proposals of Schwarzenegger to meet the financial challenges California faces because of flat revenues brought on by a sharp housing downturn.