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The Maddy Report- May Revise 2011 Part 4 Spending Cuts and Tax Increases

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Uploaded on Jun 20, 2011

In January, voters were being told to brace for historic cuts in light of a projected $26 billion shortfall in the state budget. When the May Revise, capturing April's tax receipts, came out, however, voters were told the good news: that revenues were up much higher than projected: $6.6 billion higher! And that, combined with earlier cuts, the projected deficit was reduced to only $9.6 billion. To some, that meant that the looming crisis had been averted, at least temporarily. The dilemma is part of a familiar pattern in California where the state relies heavily on income taxes that go up and down with the economy and when the economy starts to rebound and tax receipts pour in, the budget crisis is quickly forgotten. Will this year be any different? Will California's structural deficit finally be addressed? We'll ask Mac Taylor, leader of the state's non-partisan Legislative Analyst's Office (LAO), who is credited by both parties as providing accurate, non-biased information on fiscal and policy matters, Democratic State Senator Michael Rubio and Republican State Senator Jean Fuller. AIR DATE: 6/3/11

In Part 4, Senator Michael Rubio and Senator Jean Fuller discuss the various spending cuts, tax increases and budgetary proposals that are being considered for this year's State Budget

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