Deficit could Increase to $10 Billion by 2007
Legislative Analyst Elizabeth Hill is warning that California’s structural budget deficit will balloon to nearly ten billion dollars by 2007 unless corrective action is taken soon.
Wednesday, November 17, 2004
In a report to the legislature, the non-partisan budget analyst predicts rising revenue, but not enough to bridge the gap. CUT: LizHill12 :12 Hill suggests that remaining deficit bond money not be used to balance the budget next year and that the suspension of the Prop 98 school spending formula be extended another year. Department of Finance spokesman H.D. Palmer says no final budget decisions have yet been made. CUT: HD07 :07 Governor Schwarzenegger must submit his budget to the legislature by January tenth. SOC