Sep 14, 2008

A budget deal in the works

The California Legislature this afternoon agreed on a budget deal. It will include no tax increases to close a $15.2 billion deficit, but is likely to be chock full of fuzzy math. A vote could come as early as tomorrow. From the LA Times:
Details of the final budget package have not been released. Without a tax increase, it is likely to include accounting maneuvers and other financial gimmicks that would push much of the budget gap into next year. Democrats had vowed they would never balance the budget through cuts alone, and even Republicans who held the line against taxes were unable to show how the gap could be wiped out entirely with spending reductions. Their own budget plan relied heavily on borrowing.

1 comment:

Mike Rappaport said...

This is NOT a budget deal. This is smoke and mirrors, and a great reason to throw the bums out.