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Rock Bottom Broke Hits New High
Gap between projected revenue and expenses - $16 billion
AP
Published: May 1, 2008 08:26
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Excerpt: {magazine_leadin}SACRAMENTO (AP) – Gov. Arnold Schwarzenegger predicted last week that California would face a budget deficit of more than $10 billion in the fiscal year that starts July 1. “This is why we have to make all kinds of cuts across the board,” he told a group of prosecutors and criminal investigators at a conference near the Capitol building. “I hate making those kinds of cuts, but we have no more money,” he added later in comments to reporters. “We have to live within our means. We are out of whack every one…
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