since they can't just print more money... i guess it's time to raise taxes again!!!
Posted on 12/11/2007 7:00:42 PM PST by NormsRevenge
SACRAMENTO -- The state Department of Finance reportedly has increased the estimate of the state budget shortfall to $14 billion over the next 18 months, up from a $10 billion estimate by the Legislative Analyst last month.
Gov. Arnold Schwarzenegger is briefing legislative leaders on the new calculation made by Finance as the administration works on a proposed budget for the new fiscal year beginning on July 1.
"I am not confirming or denying anything," said H.D. Palmer, the Finance spokesman. "We are not going to comment until the governor has had the opportunity to brief legislative leaders and hear from them."
The budget that Schwarzenegger signed in August, two months late, was expected to have a $4 billion reserve this fiscal year and a shortfall of $6 billion next fiscal year.
Non-partisan Legislative Analyst Liz Hill estimated last month that the current budget will have a $2 billion deficit, mainly because of less tax revenue from a weakening economy, and an $8 billion shortfall next year.
The general fund in next year's budget is supposed to spend $111 billion under current law. A $14 billion shortfall is a budget gap of 12.6 percent. Lawmakers would have to consider deep spending cuts, tax increases or extraordinary measures like leasing the state Lottery.
I remember the Govenator was bragging about a surplus last year at this time ...
since they can't just print more money... i guess it's time to raise taxes again!!!
Arnold has done nothing to fix the systemic problem of Californian finances. During the upcoming slowdown, the deficit is going to be mindboggingly bad.
This is going to be a problem in most states with all the coddling of illegal aliens.
We will all go bankrupt!
back goes the car tax..
Of the governor, the legilstors and the electorate it's tough to tell who is dumb, dumber and dumbest. One can, however, justifiably alleged that the electorate (that's you and me folks) are the true idiots. They did, after all, elect a foreign national, whose only qualifications were a tank driver's license and a propensity to grope the nearest available female, as their highest state official.
$15 per pack of cigarettes should take care of this little problem.
This just means the legislators are going to have to steal what they can that much faster.
The numbers moving to Nev.
don’t help any either.
08/21/2007 GAAS:662:07 FOR IMMEDIATE RELEASEGov. Schwarzenegger Issues Statement Regarding State Budget
Gov. Arnold Schwarzenegger today issued the following statement regarding the budget:
"I am pleased that the legislature has passed a responsible budget that protects California's priorities and keeps our economy strong. It was a challenging process but in the end our legislative leaders came together to deliver a spending plan that does not raise taxes, creates the largest reserve in history, and reduces our operating deficit after the spending vetoes that I have promised."This budget also limits spending growth to less than one percent, pays down $2.5 billion in debt, fully funds education and public safety, and allows us to move forward with the infrastructure bond measures that voters approved last year. We now will move forward together on the issues we've been elected to address such as health care, a comprehensive water plan, and redistricting reform."
So was kann bloss ein Essel machen!
It's California. What does one expect?
Is there any way it could be reduced (seriously)?
Does anybody care anymore?
- John
How about a decree that immediately and permanently triples all taxes not levied on the extremely rich or illegal immigrants, except to the extent that they employ ordinary Californians.
Maybe it’s time to see if the illegals really do contribute more to the economy than they cost us.
It’s going to get much worse when AB 32, the anti global warming bill, kicks in. It’ll drive businesses out of the state in droves.
“Arnold has done nothing to fix the systemic problem of Californian finances”
Arnold hasn’t had a lot of choice in the matter...
The voters have made it clear, in referendum after referendum, that they support MORE spending...
LOL!
Where's FairOpinion when you want somebody to laugh at?
What? Is he high on Prop 215 marijuana?? He’s given CA a malignant case of GANG-GREEN!!!
Wilson and Schwartzenegger both claimed CA had a budget surplus. We NEVER had a budget surplus! What we has was... SURPLUS GOVERNMENT!!!
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