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| Economy |
| California budget shortfall to top $21 billion - Governor Moonbeam to the rescue |
| 2009-11-18 |
| OAKLAND, Calif., Nov 17 (Reuters) - California faces a budget gap of nearly $21 billion over its current and next fiscal years, according to the state government's budget watchdog agency, the Los Angeles Times reported on Tuesday. The newspaper said California's Legislative Analyst's Office would issue an official report on Wednesday with its shortfall estimate. The projection comes less than four months after Governor Arnold Schwarzenegger and lawmakers agreed to a budget plan that closed a deficit of more than $24 billion largely with deep spending cuts to respond to plunging revenues amid the worst economic crisis to hit the most populous U.S. state since the Great Depression. Schwarzenegger said last week he expects a budget gap for the rest of the current fiscal year of between $5 billion to $7 billion. His finance advisors had previously said the state government would see a $7.4 billion gap in the next fiscal year beginning in July. But next year's budget shortfall will be much larger than initially forecast, the Los Angeles Times said. Citing sources briefed the upcoming report, it said the deficit will be $14.4 billion. |
| Posted by:GolfBravoUSMC |
| #4 Yet we still have a legislature that thinks the way to get out of this is to increase taxes on EVERYONE. Well, EVERYONE who is in the country legally that is. |
| Posted by: gorb 2009-11-18 23:34 |
| #3 How fast are "taxpayers" leaving or losing their jobs? Very, a lot of folks I know are moving to places like Texas. Toss on top of this a lot of small to medium size businesses are closing shop as its too expensive to do business here and Cali is losing money hand over fist. Yet we still have a legislature that thinks the way to get out of this is to increase taxes on EVERYONE. |
| Posted by: Valentine 2009-11-18 22:09 |
| #2 FEAR NOT, I SAY, JANE FONDA + TED "Ya know, when you only have 1-2BILYUHN = QUADRILYUHN? you have to make do wid less" TURNER TO THE RESCUE! |
| Posted by: JosephMendiola 2009-11-18 18:28 |
| #1 How fast are "taxpayers" leaving or losing their jobs? |
| Posted by: tipover 2009-11-18 17:56 |