Skip to comments.Shortfall in California’s Budget Swells to $16 Billion
Posted on 05/12/2012 5:06:21 PM PDT by reaganaut1
The state budget shortfall in California has increased dramatically in the last six months, forcing state officials to assemble a series of new spending cuts that are likely to mean further reductions to schools, health care and other social programs already battered by nearly five years of budget retrenchment, state officials announced on Saturday.
Gov. Jerry Brown, disclosing the development in a video posted on YouTube, said that Californias shortfall was now projected to be $16 billion, up from $9.2 billion in January. Mr. Brown said that he would propose a revised budget on Monday to deal with it.
We are now facing a $16 billion hole, not the $9 billion we thought in January, Mr. Brown said. This means we will have to go much further and make cuts far greater than I asked for at the beginning of the year.
Mr. Brown disclosed the news in a video that had all the trappings of a campaign announcement. In it, he aggressively accounted for the steps he said he had taken to try to scale back a $26 billion deficit he found upon taking office. And he urged viewers to back an initiative he is putting on the November ballot that would increase sales taxes by 0.25 percent and impose an income tax surcharge on wealthy Californians to try to stave off more cuts.
State officials said Mr. Browns proposal would include a package of immediate cuts, as well as others that would be triggered only if voters failed to approve his tax plan. The sales tax increase would expire after four years, while the income tax surcharge would last for seven years.
State officials said the shortfall was a result of disappointing revenue collections in April as California continued to struggle to pull out of the recession.
(Excerpt) Read more at nytimes.com ...
Moonbeam should be forced to wear a warning label
They should send a delegation to Bismarck to learn how adults deal with finances, taxes, OIL and the wealthy.
That is far too complicated for the liberals. :p
California is the Greece of this country.
What is scary is that the rest of us states will be called upon to “save” California.
This I will fight with every fiber of my body.
Linda’s Half-Mexican female side began to spread years ago. And that side has just kept on spreading. A shame for what she was in the mid ‘70’s.
Same thing that happened to millions of Americans. :)
She has expanded like the California budget!
I have always been expansive. lol
John and Ken on KFI 640am report that Cali spends about 3 times more per state prisoner than Texas and Florida spend. Also, Cali has about 12% of the nation’s population, but about 30% of all the welfare recipients. Combine those two things with all the bloated salaries, pensions, and healthcare of all the state workers and you have a fiscal disaster around the corner!
sorry IRS I seem to have a shortfall of money to pay my taxes this year.Hope they understand.
Too much food and age; it will do it every time.
See Post #25. Genes involved also.
I think you’ve got it. Just draft all the singers, musicians, actors, etc. from Hollywood and make them perform for free at performances for the public all year. Just charge the public a fee for watching based upon their weight, political preference, union status, green-ness, etc. Other than a slight inconvenience for the performers, the scheme should easily cover any “unexpected” shortfalls.
My, my. He might even find that 16 billion grows to 26 billion again.
Taxes: The new herpes.
They already sent one delegation to Texas to discover our secret to success, but when they went home, they immediately went right back to doing the same crap they've been doing for thirty-plus years now.
You see? Even solid, firsthand evidence doesn't penetrate liberal thinking.
It has been said that after socialism comes communism....
and after communism....alcoholism.
She ate Bartow
Just keep on importing more poverty with the highest welfare benefits in the country...