Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: maceng2 who wrote (3)	2/15/2004 2:56:59 PM
From: mishedlo	Read Replies (3) of 116555

The sad mess in California latimes.com State tax revenues dropped sharply in January, falling $626 million below forecast and raising concerns that California's economy may not be rebounding as fast as officials had hoped when they approved the current state budget. January marked the second month in a row that tax receipts came in below forecast. State government receives most of its money from sales, income and corporate taxes. ............. But total general fund revenue last month was $7.2 billion, 8% below what lawmakers anticipated last summer. If the trend continues, the state could end this fiscal year with a larger budget deficit. That would increase pressure on Gov. Arnold Schwarzenegger and the Legislature to make additional cuts in state spending, raise taxes or resort to more borrowing

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