California faces a $25.4-billion deficit -- far larger than state officials were projecting only days ago -- the state's chief budget analyst said...[because of] billions of dollars in phantom savings approved by Gov. Arnold Schwarzenegger and legislators last month, more budget restrictions passed by voters last week and predictions of a "painfully slow economic recovery," ...
In addition, more than $8 billion in temporary sales, car and income taxes are set to expire in the coming year, and the federal stimulus program that has helped prop up schools, healthcare for the poor and other state programs also will soon disappear.....
The predicted $25.4-billion deficit is the equivalent of about 29% of this year's general fund budget....
And guess what? Republicans respond by promising no taxes, and Dems ferociously defend spending.
California's Budget Blues Get Deeper
Saturday, November 20, 2010
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