state lottery profits
California Budget Shortfall Now Estimated at Over $17 Billion: Schwarzenegger to Release Budget Changes 1 P.M.
[courtesy of California Progress Report]
By Marty D. Omoto
Director/Organizer
California Disability Community Action Network
Governor Arnold Schwarzenegger will release proposed revisions and changes to his proposed State budget for 2008-2009, today (May 14) at 1:00 PM in a televised press conference that advocates fear will mean new proposals for deeper cuts to health and human services that impact low income Californians, including people with disabilities, mental health needs, seniors and low income workers who provide supports and services.
The Governor will propose placing before voters - possibly in November - a ballot initiative that would allow the State to borrow over $15 billion over 3 years against the profits of the State Lottery. The Governor would also propose that the Legislature approve an automatic increase temporarily of the State's sale tax by 1 cent for up to three years, generating up to $6 billion per year, if the ballot initiative fails (including if the borrowing is stopped by a lawsuit).
Legislative Republicans, while not opposing the idea of borrowing against State lottery profits, have pledged to oppose the Governor's proposals that call for any increases in State taxes.
Budget Gap Estimated at Over $17 Billion
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