- The Washington Times - Friday, March 13, 2009

SACRAMENTO, CALIF. (AP) - The California Legislature’s budget analyst says the recession has created another $8 billion hole in the state’s budget just weeks after the end of a bruising fight to close a $42 billion gap through June 2010.

Legislative Analyst Mac Taylor says in the report released Friday that California’s 10.1 percent unemployment rate, further declines in the stock market and lower tax collections have led to lower revenue projections. He expects the new $8 billion budget gap in the fiscal year that begins July 1.

State Controller John Chiang also said this week that February revenues were nearly $1 billion below previous projections.

Taylor says the deficit will grow even larger unless lawmakers and Gov. Arnold Schwarzenegger take action.

Sign up for Daily Newsletters

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide