$14 billion is a huge number
$14 billion is the new projected budget deficit for the state of California. The forecast last month was a mere $9.8 billion. It is an enormous number and a jaw dropping jump. SacBee:
The growing estimate increases pressure on Schwarzenegger and lawmakers to cut state spending and consider tax increases to close the budget hole. Schwarzenegger last month ordered all departments to prepare spending plans 10 percent below than what they had anticipated, and GOP lawmakers are calling for immediate midyear cuts in spending.
Naturally the Republicans want more cuts. That is always their solution, unfortunately the state has run out of fat and places to cuts. Any more will go right to needed programs. The place to address this problem is on the supply side.
The state needs to take a hard look at the fundamental ways we construct our state budget and where our revenue is coming from. This should have happened years ago, but we relied on gimmicks and a roaring economy to ignore the problem. We cannot do that this time.