New billion-dollar hole in California's budget

Los Angeles Times ^ | October 9, 2009 | Los Angeles Times

[granite]

"While there are encouraging signs that California's economy is preparing for a comeback, the recession continues to drag state revenues down," said Controller John Chiang in a statement. He called the new figures "a major blow to a budget that is barely 10 weeks old."

Even before the bad fiscal news, policymakers were bracing for a big budget deficit next year. The Department of Finance anticipates a $7.4-billion deficit in 2010-11. That's a conservative estimate, because lawsuits have tied up or reversed some planned budget cuts.

[granite]

all wee wee'd up

[shorty_harris]

That's a conservative estimate, because lawsuits have tied up or reversed some planned budget cuts.

Jeez, there's nothing you can't sue for! I think I'll sue my employer for a big, fat raise.

[RingerSIX]

Disappointing income tax receipts are the main culprit, falling 11%

Hey Suckramento, that was me not sending you money!