From Steve Frank:
State Controller John Chiang just announced the cash deficit for the first THREE months of this fiscal year is $22.3 billion. Does not include the $12 billion owed schools, the $10 billion owed the Feds for loaning us money to be able to bail out our unemployment insurance fund or the $12.3 billion STOLEN from Trust Funds to cover the deficit–or the $10 billion BORROWED to cover the deficit. The real budget, per Assemblyman Nestande is $225 billion–the real deficit is north of $66 BILLION–NOT a typo–and that is just for the first three months of the fiscal year.
Does include money owed for pensions.
Yet, Brown, Munger, the special interests and unions want to add tens of billions in new taxes on November 6–while California is in a Depression. Why isn’t this the lead story in every newspaper and news broadcast? See the misleading press release from Chiang–he left out $40 billion of the deficit. http://capoliticalnews.com/