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Brown’s California Budget Dilemma No Shocker, Expert Says

Governor Jerry Brown’s forecast for a swelling California deficit shouldn’t come as a shock, as he balanced his budget by relying on optimistic revenue estimates, according to Christopher Thornberg, an economist in Los Angeles.

“The reason the revenues aren’t coming in as expected is that the state was counting on $4 billion that was never going to materialize,” Thornberg, a co-founder of Beacon Economics LLC, said yesterday by telephone. “It was eminently predictable from the very beginning.”