State Budget Deficit Continues To Grow
Sacramento, CA — Assembly´s Republican Leader Mike Villines says his members will consider revenue increases only if Democrats ease environmental and labor laws — demands they have long resisted.
Senate and Assembly Republicans plan to offer $11 billion in spending cuts next week to help bridge the budget deficit. But the current deficit has now increased from $11.2 billion to $14.8 billion and according to Governor Schwarzenegger´s comments Wednesday the deficit increases by approximately $28,000 every minute of the day.
Controller John Chiang has stated that by March, the state will have exhausted all general and borrowable funds and will have run $1.9 billion in the red.
Written by Bill Johnson