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California faces projected $21 billion deficit

No, this is not an accidental replay of a blog entry from earlier this year.

This is brand new! New, and unimproved…!

The grim economic forecast comes from the nonpartisan Legislative Analyst, Mac Taylor, and results from the recession’s impact on California, unrealistic budgeting assumptions, spending cuts that are tied up in the courts, and “disappearing federal stimulus funds.” The report is scheduled for release tomorrow (Wednesday, November 18).

According to Steve Levy, director of the Center For Continuing Study of the California Economy, “Economic recovery will not take away the very severe budget problems for this year, next year and the year after.” Even a projection of relatively stable tax collections for California won’t stop the deficit from climbing to nearly $21 billion, according to the report.

The LA Times article has the exciting details.

-Bill at Cheshire Cat Photo™

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