Posted on 12/10/2008 2:02:09 PM PST by NormsRevenge
SACRAMENTO -- California's budget deficit for the current fiscal year has ballooned to nearly $15 billion, Gov. Arnold Schwarzenegger said Wednesday, with the state overspending its revenue by about $40 million a day.
Without quick action by the Legislature to fix the budget's gaping hole, the state will finish the fiscal year $14.8 billion in the red, the governor said at a news conference at the Capitol.
The deficit is far worse than the $11.2 billon shortfall that Schwarzenegger announced last month, but the deteriorating economy is likely to make the problem even worse next year, Schwarzenegger said.
Schwarzenegger said he's frustrated by the Legislature's inability to find a compromise solution. Republicans have been standing firm on their vow not to support taxes, while Democrats have argued that spending cuts and taxes should be considered.
"What is amazing is that legislators act as if we have $30 billion in surplus," he said.
Last month, Schwarzenegger called on lawmakers to convene a special legislative session to tackle the budget crisis, but the Legislature failed to find a compromise before the session ended on Nov. 30.
"They met, they debated, they postured and they did nothing," Schwarzenegger said today. "If that isn't a shameful performance, I don't know what is."
(Excerpt) Read more at sfgate.com ...
Whaddaya know? Thats almost exactly how much supporting the huge illegal alien population in CA costs taxpayers.
He’s FRustrated! HAA!!!
Take a number.
ping
$15 billion deficit for the Golden State.
The Bee was saying that absent the fiancial smoke & mirrors the real numbers are more like $25 to $30 billion in overspending.
I see 28 Billion in my mind’s eye for some reason,, not far off.. ;-)
Until the insanity of welfare, taxes, and regulation is removed this state will continually run in the red. Perhaps we should rename it the Red State. Communism is red.
You’re probably right again as you so often have been in the past.
Psh just tack it onto the other bailouts! Free money right?!
Illegal Immigration goes without saying.
Yes, but the cretins still can’t figure out how to remedy the problem.
Didn’t the voters just approve billions more for trains? Wonder how many taxpaying voters wanted more taxes?
Fortunately, California cannot print its own money or else the Democrats would quickly make our economy competitive with Zimbabwe’s.
bookmark
I see yur new here, or maybe just reincarnated. Welocme to FR and Thanks for the comment.
I hate being right so much, it can become quite disconcerting for some. -)
Enjoy FR, it’s the virtual cruise ship pirates avoid..
How much money does CA spend on government benefits for crimmigrants?
so they are begging for help but don’t change anything?
The State doesn’t have to print it’s money. Washington is doing it for them And I feel a Wiemar Republic part II coming on.
2. Privatize two prisons to save money. The rinse and repeat.
3. Increase the age for peace officer retirement from 50 to 57.
4. No travel expenses for legislators living within 35 miles of the capital.
5. Eliminate the boards and commitees every republican governor has promised to eliminate.
6. 1 house 100 members legislature meeting six months every two years.
7. Eliminate the elevator operates in the capitol building.
8. Reduce state peace officer pay by 7%.
9. Reduce other state employee pay by 5% for everyone making over $3,000 per month.
10. Eliminate contributions from public employee unions to those who negotiate and approve their contracts.
11. Freeze all pay and benefits for state employees until 1 year after the state balances the budget.
12. Reduce the state legislator's pay to $50,000 a year.
13. Eliminate the state legislator's vehicle allowances. Provide gas mileage expenses as paid to state employees.
14. Eliminate the state capital gain tax.
15. Reduce the state income tax by 1% in each bracket.
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