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The California budget began 2008 with a deficit of $3.3 billion, but was at risk of reaching a deficit of as high as $42 billion by June of 2009.
Despite 15 weeks of negotiations over the course of late 2008 and early 2009, state lawmakers were unable to agree to the specifics of a new budget. As deadlines were continually missed, thousands of state employees feared losing their jobs while state public works projects, tax refunds, welfare checks and student loans were suspended. However, on February 19, 2009, legislators finally agreed to a budget. Governor Arnold Schwarzenegger was expected to sign the budget into law in the days following the agreement.The Wall Street Journal: [1] (February 19, 2009) Los Angeles Times: California controller to suspend... (January 17, 2009)
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Fast Facts
- New budget strives to increase state revenues by $13 billion and cut spending by $15 billionThe Wall Street Journal: [1] (February 19, 2009)
- Budget includes a 1% increase on sales taxesThe Wall Street Journal: [1] (February 19, 2009)
- Under the new budget, $8.6 billion will be cut from education and health care spendingThe Wall Street Journal: [1] (February 19, 2009)
- California had a 9.3% unemployment rate as of January, 2009Business Week: California unemployment rate jumps to 9.3 percent (January 23, 2009)
- Unemployment rate was 5.9% in January of 2008Business Week: California unemployment rate jumps to 9.3 percent (January 23, 2009)
- 2,000 public works projects were delayed during budget negotiationsBloomberg.com: California Crisis May Crunch $3.8 Billion of Jobs in Slowdown
- On January 26, 2009, Schwarzenegger said the state was in danger of running out of money within daysBloomberg.com: California Crisis May Crunch $3.8 Billion of Jobs in Slowdown
- The governor signed the 2009 budget in September 2008Bloomberg.com: California Crisis May Crunch $3.8 Billion of Jobs in Slowdown
- Between September and December of 2008, Schwarzenegger called lawmakers into three special sessions and twice declared fiscal emergenciesBloomberg.com: California Crisis May Crunch $3.8 Billion of Jobs in Slowdown
- The financial assistance provided to California in the 2009 stimulus package could cover about a third of the gap in California's budget, according to some estimatesSacramento Bee: Feds' stimulus plan could set stage for California budget deal (January 27, 2009)
- By February 2009, California's unemployment rate was 10.5%Los Angeles Times: California unemployment hits 10.5% in February
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December 2008 Talks
Governor Schwarzenegger and California's Democrat-controlled Legislature were at an impasse, having been unable to reach an agreement on how to close the state's growing budget gap. The deficit rose over the previous two years, with job losses and reduced consumer spending continuing to mount.Bloomberg.com: California Crisis May Crunch $3.8 Billion of Jobs in SlowdownOn December 31, 2008, Governor Schwarzenegger's office released a budget plan ahead of the January 10 deadline. The proposal called for sales tax increases and a reduction of state funding to education and health care.Los Angeles Times: Schwarzenegger steps up ... budget plan (January 1, 2009)
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January 2009 Talks
Schwarzenegger and the members of the State Legislature engaged in budget discussions for weeks, but failed to reach an agreement. Republicans resisted proposals to raise taxes and Democrats opposed to spending cuts and proposals to ease environmental regulations and labor rules.Bloomberg.com: California Crisis May Crunch $3.8 Billion of Jobs in SlowdownIn January of 2009, Schwarzenegger proposed a plan to tax several services and activities to raise money for the state, including golf, repairs of cars, appliances and furniture, veterinary care and admissions to amusement parks and sporting events.ABC: CA Governor wants to tax golf, auto repairs (January 26, 2009)
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Official Site: California Budget
dof.ca.gov -
California State Legislature: California Budget Information
legislature.ca.gov -
Official Site: California Budget Project
cbp.org -
Los Angeles Times: California unemployment hits 10.5% in February
latimes.com (March 20, 2009) -
SFGate: Furloughs allowed for state workers
sfgate.com (January 30, 2009) -
The Wall Street Journal: California Senate...Send Budget to Schwarzenegger
online.wsj.com (February 19, 2009) -
YouTube Video: Schwarzenegger's 2008 State of the State Address (Time: 3:33)
youtube.com
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Official Site: California Budget
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California Budget on Twitter Powered by Twitter
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smh RT @ChanneyNicole: "How To Budget Your Money" by The State of California #worldsthinnestbooks
@MsShaina310 | November 09, 2009 04:09 AM -
"How To Budget Your Money" by The State of California #worldsthinnestbooks
@channeynicole | November 09, 2009 04:06 AM -
Budget proposals an easier sell than constitutional convention?: Co-leader of California Forward says voters pr.. http://bit.ly/1wq6G8
@californianewz | November 09, 2009 02:25 AM -
"Balance that Budget" by the State of California #worldsthinnestbooks
@JVThaGr8 | November 09, 2009 01:49 AM
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California Budget on Amazon | View All
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Approach Recession With Sense of Urgency.(California state budget process)(Brief Article)(Statistical Data Included): An article from: San Diego Business Journal - $5.95
This digital document is an article from San Diego Business Journal, published by CBJ, L.P. on November 19, 2001. The length of the article is 624 words. The page length shown above is based on a typical 300-word page. The article is delive...
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The California budget crisis: factors leading to the current budget deficit and a discussion of certain proposed solutions.: An article from: National Tax Journal - $5.95
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60 Minutes - Schwarzenneger (December 21, 2008) - $17.95
Airdate 12/21/08Â It's good that Governor Arnold Schwarzenegger likes a challenge. In December, he warned of financial armegeddon as California faced a huge budget deficit that threatened jobs, roads, schools, and public safety. At the same...
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Questions and Answers About California Budget | View All | Ask a Question
View All California Budget Questions (576) | Ask a QuestionCan you share your best tips for becoming a fashionista on a budget? (3 Answers)I shop online mainly for my budget buys. Here's my short guide for shopping online with a budget. 1. Look for stores that give you a bang for your buck ... read moreWhat are the primary reasons for the California Budget crisis? (2 Answers)Number one is the faltering economy, tax revenue is down, number 2 is the 2/3rd requirement for tax increases, it makes really hard to pass a state budget, number 3 ... read moreIs the 2009, budget deficit $1.8 trillion? (1 Answer)yes...the CBO has projected $1.75 trillion for fye 9/30/09 and $1.4 trillion for fye 9/30/10 read moreDoes anyone here knows about ENEXIA RECORDING COMPANY? they said it was located somewhere in California? (3 Answers)According to the site listed below, it was a real estate company that is now branching into the recording industry. They have a few artists listed that are part of ... read more
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