Coming soon: Schwarzenegger's transition team

LOS ANGELES, California (CNN) -- Arnold Schwarzenegger told reporters at his first news conference as California governor-elect Wednesday that the members of his full transition team will be announced Thursday.

U.S. Rep. David Dreier, named head of the transition team earlier in the day, will make the announcement.

Schwarzenegger, 56, answered a wide range of questions, from where he will live to which spending cuts to repair the state's troubled budget Californians should expect.

Schwarzenegger told the large crowd of journalists that he's still researching many issues, including the budget. He said he will order a complete audit of California's budget to "go line-by-line" looking for waste.

"We don't really know what the current operating deficit it is," Schwarzenegger said. He explained that estimates of the budget's deficit have ranged during the campaign from $6 billion to $10 billion.

He said he learned Wednesday morning that if a pending lawsuit regarding a bond issue is decided negatively, the operating deficit could be as high as $20 billion.

Schwarzenegger, an Austria-born bodybuilder who came to this country and made a fortune in the movies, will take office sometime in mid to late November, once election results are certified.

CNN