Chief Financial Officer Alex Sink held a press conference Wednesday to talk about the need for a special session, as all reports indicate that the budget deficit is only continuing to deepen with less money coming in than expected.

"The time is now," she said. "The election is over and we know who the new legislators are. . .the time to act and a build a plan of action is right now."

She also highlighted a problem with borrowing money from the Lawton Chiles Endowment Fund, whose investment she helps oversee as a trustee of the State Board of Administration.

UPDATE: FEA says: We second her call for a special session. Read more below.

She said that the fund is locked into long-term investments and that it has taken a monetary investment hit, meaning there's less in available cash to use than there might have been several months ago.

"We can't just go in there and say, send us a billion dollars," she said.

She said she's against across-the-board cuts and thinks the Legislature should consider raising fees, like the licensing fees that her office collects.

Florida Education Association president Andy Ford on Wednesday backed CFO Sink’s call for quick action on the increasingly precarious state budget situation.

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