not since 1938, wake up california, you better believe it’s happening
Schwarzenegger: Next year’s deficit climbs to $15B
By JULIET WILLIAMS
SACRAMENTO, Calif. (AP) — Gov. Arnold Schwarzenegger is warning that California faces a $15.4 billion budget deficit in the coming fiscal year, nearly double the previous estimate.
That will climb to $21.3 billion if voters reject the five budget-related measures on the May 19 special election ballot.
The governor outlined the state’s dire fiscal condition Monday in a letter to legislative leaders, a week before voters go to the polls.
His spokesman, Aaron McLear, says the governor wanted to share the bad news with legislative leaders as quickly as possible.
In March, the legislative analyst projected an $8 billion deficit in the fiscal year starting July 1, but tax receipts have been way down. California faces a decline in personal income for the first time since 1938.