The Golden State has killed the golden goose

California is facing a larger than expected budget shortfall, according to Governor Jerry Brown. The expected $9.2 billion deficit has ballooned to over $16 billion despite tax increases and big cuts to education and health care. New York Times: Gov. Jerry Brown, speaking in a video posted on YouTube, said that California's budget shortfall was now projected at $16 billion, up from $9.2 billion in January. Mr. Brown said that he would propose a revised budget on Monday that was intended to deal with the shortfall. State officials said Mr. Brown's proposal would include a package of new, immediate cuts, in addition to other cuts that would occur if voters failed to approve a temporary increase in sales tax as well as a higher income tax on the wealthy. Mr. Brown said the shortfall was the result of disappointing revenue collections this April as California continued to struggle to pull out of recession. At the same time, the deficit projections -- which began ...(Read Full Post)

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