SACRAMENTO -- To head off a cash crisis and regain credibility with Wall Street, Gov. Arnold Schwarzenegger is developing a strategy to push the Legislature to approve a new budget by the end of May a month earlier than the constitution requires.

The Legislature has missed the June 30 deadline 11 of the last 17 years.

Schwarzenegger is looking to accelerate the release of the revised version of his January budget proposal which California governors have done in mid-May to April.

The move would seek to show Wall Street that California is headed toward fiscal stability, and pressure legislators to act on time, even if they disagree with various aspects of the governor's budget.

"No final decision has been made, but we are looking at what you would have to do on an operational basis to prepare a revised budget before the second week in May,' said Schwarzenegger spokesman H.D. Palmer.

Assembly Speaker Fabian Nunez, a Los Angeles Democrat who assumed the leadership post Monday, used his inaugural address to call the Assembly Budget Committee into session immediately to review the spending proposal unveiled by Schwarzenegger on Jan. 9.