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New billion-dollar hole in California's budget

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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 06:18 PM
Original message
New billion-dollar hole in California's budget
Source: LA times

October 9, 2009 | 3:17 pm

State revenue has already fallen more than $1 billion short of assumptions in the budget lawmakers passed less than three months ago, according to a new report from the state controller.

Disappointing income tax receipts are the main culprit, falling 11% below what lawmakers and Gov. Arnold Schwarzenegger expected when they agreed on a patchwork budget during the summer, halting the state’s issuance of IOUs. Sales and corporate taxes have also slid below projections.

-------------

“I urge lawmakers and the governor to prepare for more difficult decisions ahead," Chiang said.



Read more: http://latimesblogs.latimes.com/lanow/2009/10/new-billion-dollar-hole-in-californias-budget.html
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laconicsax Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 06:20 PM
Response to Original message
1. The solution is clear: Tax cuts all around!
Oh...wait...
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SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 09:35 PM
Response to Reply #1
13. "It will only work if the cuts are solely for the wealthy - Smirk" - Republicon Homelanders
Edited on Fri Oct-09-09 09:35 PM by SpiralHawk
eom
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izquierdista Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 06:21 PM
Response to Original message
2. Hole?
More like billion dollar A-hole, if you ask me.
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Amy6627 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 06:24 PM
Response to Reply #2
3. You got that right!! It feels like he's been the govenator for 20 years!
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shanti Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 03:19 AM
Response to Reply #3
20. just like *ush! n/t
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Bette Noir Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 08:41 PM
Response to Reply #2
7. Oh, I don't think Schwarzenegger has a billion dollars.
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 07:12 PM
Response to Original message
4. Ahnuld: Mission Accomplished (TM)!
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madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 07:53 PM
Response to Original message
5. the 8th largest economy in the world is bankrupt.
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Bette Noir Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 08:42 PM
Response to Reply #5
8. Didn't we used to be sixth?
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lisa58 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 07:57 PM
Response to Original message
6. this is crushing....
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the other one Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 09:10 PM
Response to Original message
9. Legalize it. nt
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MsLeopard Donating Member (717 posts) Send PM | Profile | Ignore Fri Oct-09-09 09:15 PM
Response to Reply #9
12. Amen to that
I bet the idea gets a new look as they try to dig us out of this hole. :hi:
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Devil_Fish Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 12:10 AM
Response to Reply #9
17. if I could rec your post I would. NT
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Stumbler Donating Member (599 posts) Send PM | Profile | Ignore Sat Oct-10-09 02:32 AM
Response to Reply #9
19. Yep.
That single action would reduce CA's prison/law enforcement budget by $1 billion, while also providing roughly $1 billion in taxable revenue from the state's largest cash crop. Also known as: a $2 billion budget turn-around.

Oh yeah, there'd also be less reason to import drugs from Mexico's violent drug cartels... Sounds like a win-win-win to me...
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keep_it_real Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 09:10 PM
Response to Original message
10. Doesn't state law mandate that states balance their budget?
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slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 11:10 PM
Response to Reply #10
15. No
It doesn't.
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Devil_Fish Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 12:12 AM
Response to Reply #10
18. no, but thanks to the one init. we did pass, they won't get a raise this year. NT
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Garbo 2004 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 05:35 PM
Response to Reply #10
23. Yes, CA law did and does. But a "balanced" budget can be constructed on paper
that will not be balanced in reality which is what CA has been doing for years.
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MichiganVote Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 09:11 PM
Response to Original message
11. Trickle down economics=piss on you Middle Class.
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XemaSab Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 10:39 PM
Response to Original message
14. Nobody could have possibly seen that coming
x(
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pinto Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-09-09 11:41 PM
Response to Original message
16. What an effin' mess.
Our state budget was already decimated on the earlier estimates. (For folks outside of California, a heads up - Other economic factors aside, our 2/3 requirement in the Legislature meant 3 Republicans, a minority of a minority, helped this happen.)
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glitch Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 07:23 AM
Response to Original message
21. The $9 billion lawsuit against the predatory energy companies that Arnold was placed in position
to settle for pennies on the dollar would sure come in handy right about now.

Never forget, the destruction of California was planned. And be aware of what could be happening in your state.
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bamacrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 10:39 AM
Response to Original message
22. Time to legalize weed. n/t
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Blue_Tires Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 06:03 PM
Response to Original message
24. i know i live way on the other side of the country, BUT
i'm still surprised no one has tried to get a proper recall effort off the ground...they recalled the previous governor for far, far less, right?
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rayofreason Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-10-09 09:51 PM
Response to Original message
25. CA real estate prices..
..must be recovering if holes are going for a $billion.
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