California Financial Stagpression: Budget Deficit Hits $11.2 Billion Deficit 6 Weeks after Signing Budget. 5 Reasons Why Califor
Leave it to California to first, stall a budget for a record 85 days only to pass a budget that amounts to kicking the economic shiny can down the pothole-filled road. We may want to save those cans for their redemption value since things are getting progressively worse. Only 6 weeks after being signed, the budget is now facing a stunning $11.2 billion deficit. It took longer to pass the first budget than it took us to once again drive off an economic cliff. What exactly happened here?
Well first, the initial budget passed in September for the 2008-09 fiscal year amounted to a buffet of gimmicks, illusions, and putting your hand in one pocket, taking $20 out and shifting it over to your other pocket deluding yourself that you are now richer. So how did they pass that budget?