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California Faces $28 Billion Deficit

Sacramento, Ca — California´s budget deficit is projected to grow to $28 billion through June of 2010, unless action is taken shortly by lawmakers in Sacramento.

This is according to a new report issued by the Legislative Analyst´s Office.

The Associated Press reports that the Schwarzenegger administration had projected a 24.5 billion hole, but tax revenue is now expected to be lower.

“With the expected slow recovery of the state´s economy, it is imperative that the Legislature attack the grim budget problem aggressively, making permanent improvements to the state´s fiscal outlook,” writes Legislative Analyst Mac Taylor.

Governor Schwarzenegger has proposed $4.4 billion in cuts and a 1.5 percent increase in the state´s sales tax.

Written by BJ Hansen

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