Oct. 10 (Bloomberg) -- California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said.
Revenue in the three months ended Sept. 30 was 5.3 percent less than assumed in the $85 billion annual budget, state controller John Chiang reported yesterday. Income tax receipts led the gap, as unemployment reached 12.2 percent in August.
“The culprit here appears to be estimated quarterly personal income tax statements,” H.D. Palmer, the governor’s budget spokesman, said yesterday. “The numbers are cause for concern, but the issue now for us is to determine if this is a one-time event or whether it has more long-term implications.”
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On Nov. 1, every paycheck earned in California will get smaller. Government Desperate
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It's a one time event.
ReplyDeleteNext time, the budget shortfall will be 2.2 billion.
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ReplyDeletewhat he said.
Anon at 1:22PM, cheers!!!
ReplyDeleteonce I stop seeing paris hilton, speidi, and the rest of the reality gang posing for tmz and getting paid for squeezing b**bies and start delivering pizzas, and cutting lawns, then I will worry, now not so much, pass the salsa.
ReplyDeleteEA this article is from mainstream media (Bloomberg) and following your logic and many others here, if a news comes from mainstream media then it is wrong, as most of those mainsteam are saying we are in an economic recovery and you say we are not. Therefore, this article is actually wrong. There is no deficit in Cal and no problem at all. Cal is finding no trouble financing its expenses as there is a huge apetite for Cal bonds and the economy is recovering.
ReplyDelete11:52 I think I'll leave your post for the viewers to see how bizarre it is.
ReplyDelete