California Projected To Have $25 Billion Deficit ...Middle East

Sonora, CA – California could be facing a $25 billion deficit next year, which would lead to some painful spending decisions. It is the fiscal outlook forecasted today by the state’s non-partisan Legislative Analyst Office (LAO), which typically signals a warning to other states about a potential recession. California’s revenue has steadily increased over the last decade, including this year’s $72.4 billion surplus, but tax collections have slowed significantly this year, with revenue down $41 billion from expectations, according to the LAO. The office points to a drop in revenues due to the very rich not making as much money as they used to and the rollercoaster stock market falling more th

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