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Analyst’s report: $20.7 billion budget deficit for California – San Jose Mercury News
Posted By MB Snow On November 18, 2009 @ 5:58 pm In Uncategorized | Comments Disabled
By Denis C. Theriault
11/18/2009 01:59:30 PM PST
Document: Latest report on California’s fiscal outlook
SACRAMENTO — California’s budget deficit during the next year and a half will balloon to $20.7 billion, the nonpartisan Legislative Analyst’s Office predicted in a report released today.
The gap between the state’s spending in revenues — nearly three times the $7.4 billion that officials estimated in August, has grown largely because billions in risky budget fixes have failed to materialize. That means another year of wrangling over how to fill that gap, from more painful budget cuts to new efforts to raise taxes.
“We look forward to receiving the governor’s new budget proposal in January,” Assembly Speaker Karen Bass, D-Los Angeles, said in a statement, “and will immediately begin work on crafting budget solutions that will once again require both difficult spending reductions and additional revenues.”
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