California’s $6.6 Billion Revenue Gain to Delay Brown Taxes
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California’s economy is “on the mend,” driving revenue $6.6 billion higher than forecast through fiscal 2012, reducing the deficit of the most populous U.S. state and trimming the need for higher taxes, Governor Jerry Brown said.
The deficit estimate shrank to $9.6 billion from about $15.4 billion, Brown said in revising his budget proposal for the year that begins July 1. In addition to balancing the books, Brown said his plan will increase education funding, take aim at “gimmickry” that boosted debt to $34.7 billion over the past decade, and limit borrowing to reduce debt costs.