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CALIFORNIA NEWS
Brown: California now faces $16 billion shortfall
Posted: May 12, 2012 11:53 AM by CJ, The Associated Press
Updated: May 14, 2012 8:09 AM
SACRAMENTO, Calif. (AP) - Gov. Jerry Brown says California's budget deficit has grown to a projected $16 billion.
The Democratic governor on Saturday says the shortfall grew from $9.2 billion in January because the economy isn't ramping up as fast as the administration had hoped.
Brown will lay out a revised spending plan for the coming fiscal year Monday. It relies in large part on voters approving higher taxes in November.
The governor says tax increases are necessary to help pull the state out of a crippling decade shaped by the collapse of the housing market and recession. He warns public schools, colleges and public safety will suffer deeper cuts without new taxes.
The deficit has also gone up because several state cuts have been blocked by lawsuits and federal requirements.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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