Economist Calls California "The Ungovernable State"
SAN FRANCISCO (Reuters) - California's government may see a dramatic overhaul because its budget is in such disarray and on track for a staggering shortfall of at least $15.4 billion, lawmakers and analysts said on Friday.
Gov. Arnold Schwarzenegger called that deficit estimate "certain" on Thursday, warning the budget gap for the next fiscal year would swell to $21.3 billion if voters reject budget-related ballot measures in a special election on Tuesday.
Surveys suggest voters will reject the measures.
In either case, the most populous U.S. state faces sharply reduced spending, with Schwarzenegger, a Republican, seeking deep cuts in education and health and human service programs. Additionally, 5,000 state employees will receive pink slips and the state will need to borrow $6 billion with a revenue anticipation warrant. LinkHere
Gov. Arnold Schwarzenegger called that deficit estimate "certain" on Thursday, warning the budget gap for the next fiscal year would swell to $21.3 billion if voters reject budget-related ballot measures in a special election on Tuesday.
Surveys suggest voters will reject the measures.
In either case, the most populous U.S. state faces sharply reduced spending, with Schwarzenegger, a Republican, seeking deep cuts in education and health and human service programs. Additionally, 5,000 state employees will receive pink slips and the state will need to borrow $6 billion with a revenue anticipation warrant. LinkHere
posted by Kangaroo Brisbane Australia at 1:30 AM
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