State Budget Deficit Now Projected at $21 Billion California Progress Report:
"Despite massive permanent spending cuts and some temporary tax increases made this past year, California’s budget shortfall is projected to swell to $21 billion by June 30, 2011, the end of the 2010-2011 State Budget year in a new report issued this morning by the Legislative Analyst Office – the non-partisan agency that reviews and monitors budget issues for the Legislature.
Adding to the bad news, the report also projects continued budget shortfalls of billions of dollars for the next several years especially when federal stimulus dollars and revenues from the temporary tax increases end."
"Despite massive permanent spending cuts and some temporary tax increases made this past year, California’s budget shortfall is projected to swell to $21 billion by June 30, 2011, the end of the 2010-2011 State Budget year in a new report issued this morning by the Legislative Analyst Office – the non-partisan agency that reviews and monitors budget issues for the Legislature.
Adding to the bad news, the report also projects continued budget shortfalls of billions of dollars for the next several years especially when federal stimulus dollars and revenues from the temporary tax increases end."