Monday, November 14, 2011

California budget cuts as tax receipts way below projections; spending soars

California has fallen $1.5 billion behind in revenue
through the first four months of the fiscal year, state Controller John Chiang said Thursday, amplifying fears the state will impose deeper budget cuts this winter.
If the state falls between $1 billion and $2 billion short, the budget calls for cuts in higher education, social services and public safety. If the state falls more than $2 billion short, the state will cut K-12 schools and community colleges.

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