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Schwarzenegger says Calif. faces $20 billion budget deficit
Tax revenue collected by the state has been below expectations
Michael R. Blood, AP
Published: April 29, 2008 13:24
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Excerpt: {magazine_leadin}LOS ANGELES (AP) _ Gov. Arnold Schwarzenegger said Monday that California faces a budget gap that could approach $20 billion through June 2009, a dizzying projection that adds further confusion to the depth of California’s financial crisis. “Right now, we have approximately, altogether, $20 billion of deficit,” the Republican governor told business leaders in Orange County. “It’s going to be a big challenge.” The estimated gap for the fiscal year that begins July 1 already…
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