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California budget deficit just a little higher than previous projection

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By Doug Powers  •  May 13, 2012 10:48 AM

**Written by Doug Powers

About $6.8 billion higher to be exact:

California’s budget deficit has swelled to a projected $16 billion — much larger than had been predicted just months ago — and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday.

The Democratic governor said the shortfall grew from $9.2 billion in January in part because tax collections have not come in as high as expected and the economy isn’t growing as fast as hoped for. The deficit has also risen because lawsuits and federal requirements have blocked billions of dollars in state cuts.

“This means we will have to go much farther and make cuts far greater than I asked for at the beginning of the year,” Brown said in an online video. “But we can’t fill this hole with cuts alone without doing severe damage to our schools. That’s why I’m bypassing the gridlock and asking you, the people of California, to approve a plan that avoids cuts to schools and public safety.”

Brown did not release details of the newly calculated deficit Saturday, but he is expected to lay out a revised spending plan Monday. The new plan for the fiscal year that starts July 1 hinges in large part on voters approving higher taxes.

How about first cutting billions in expenses by putting the “train to nowhere” on the chopping block? Sorry, crazy suggestion.

Part of Brown’s proposal is a tax increase on higher income earners in California — a “Moonbeam Rule” (which is a variation on the “Buffett Rule” except it actually has a chance of being implemented):

nullUnder Brown’s tax plan, California would temporarily raise the state’s sales tax by a quarter-cent and increase the income tax on people who make $250,000 or more. Brown is projecting his tax initiative would raise as much as $9 billion, but a review by the nonpartisan analyst’s office estimates revenue of $6.8 billion in fiscal year 2012-13.

Now if Brown could only convince some of those people in that red sliver on the above chart to donate their money to reduce the state’s deficit instead of giving it to the Obama campaign he might get somewhere:

(h/t Gateway Pundit)

**Written by Doug Powers

Twitter @ThePowersThatBe

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