Relevant:
- For California, Another Day, Another Deficit
- California facing higher $16 billion shortfall
- California's budget gap won't close for long
- Another Round of California IOUs On the Way
- Governor Cuomo Declares New York "Functionally Bankrupt", Seeks Spending Cuts; California Governor Jerry Brown Cites Egypt, Demand Tax Hikes
2012-05-13 — reuters.com
California's budget deficit will swell to nearly $7 billion greater than expected due to weak tax revenues and slow progress in cutting budgets, Governor Jerry Brown said on Saturday.
Brown said the projected shortfall for the fiscal year ending on June 30 now stood at $16 billion, up from a previous estimate of $9.2 billion made in January.
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