• $16 billion budget shortfall for California this year source

» The Not So Golden State: Back in January of this year, California state officials were anticipating a $9.2 billion budget shortfall for 2012 — an enormous deficit, though considerably  less than the $26 billion that faced Governor Jerry Brown when he took over in 2010. Brown announced,while revealing the startling new figure, that he’ll be placing an initiative on the November ballot to raise the sales tax by .25%, and add an income tax surcharge for wealthy Californians. If the initiative fails, expect deeper than anticipated spending cuts to follow.

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