June 28, 2011

IF ONLY THE UR, LIKEWISE, KNEW HOW TO GOVERN:

California budget deal reached (Tami Luhby, June 27, 2011, CNNMoney)

Conceding defeat on his tax extension proposal, California Governor Jerry Brown unveiled a budget Monday that imposes deep spending cuts.

The plan, cobbled together with Democratic legislative leaders, calls for cuts of $650 million to the state's universities, as well as hundreds of millions of dollars of cuts to the judiciary, Brown said in a press conference.

The budget counts on the state bringing in $4 billion in more in tax revenues in the coming year than was initially expected. The improving economy has pushed the state's tax collections billions of dollars above estimates in recent months. Brown expects the windfall to continue into fiscal 2012, which starts Friday.

If tax revenue comes in lower than expected, the budget also would impose an additional $2.6 billion in cuts.


Posted by at June 28, 2011 5:40 AM
  

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