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News Link • Government Debt & Financing

Jerry Brown on California's Budget: "We've Been Living In Fantasy Land"

Now incoming governor Jerry Brown has realized how screwed the state is and he's announcing his own budget emergency, according to the Los Angeles Times. He said last night: "I'm going to try to get the budget agreements done within about 60 days. I don't think we have a lot of time to waste... It will be a very tough budget, but it will be transparent... We've been living in fantasy land. It is much worse than I thought. I'm shocked." Hear that, last year's $20 billion budget cuts amounted to living in fantasy land. Brown implied he would apply major cuts to the education system and other programs. He also refused to rule out new taxes. And it's got to add up to at least $29 billion in cuts.

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