Legislative analyst Mac Taylor released his office’s annual fiscal outlook today. He’s projecting a $1.9 billion deficit over the next year-and-a-half, followed by a growing surplus in each of the next several years.
California’s once-enormous budget deficit has shrunk to just under $2 billion, and the state could soon have a surplus. But Mac Taylor, California’s non-partisan legislative analyst is urging caution as state finances improve.
Not long ago, California hit rock bottom, with a massive budget deficit.
Nearly four years ago Governor Arnold Schwarzenegger told a crowd, “the $42 billion deficit is a rock upon our chest that we cannot breathe until we get it off.”