[UPDATE: It appears that Schwarzenegger is now abandoning his call for about $5.5 billion in borrowing for the year starting July 1, a borrowing plan that the LAO (see below) has criticized. That means, according to his advisers, more spending cuts. --JM]
A new analysis of Governor Schwarzenegger's revised budget suggests that the deficit could end up being as large as $24 billion by July 2010, forcing even more severe choices by lawmakers over the next few months.
Legislative Analyst Mac Taylor released his new report this morning, and estimates that even if all of the governor's budget ideas are adopted, California faces a shortfall in excess of $15 billion the year after next. As a result, he says long-term planning is a must.
Party over, oops, out of time! So tonight we're gonna party like it's 1999. -- Prince
Governor Arnold Schwarzenegger suggested dusting off the script of a movie he wasn't in today, Back To The Future, in telling reporters that the state budget should match its anemic revenues -- now about where they were a decade ago.