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Saturday, May 12, 2012

Brown takes to You Tube to tell Californians about '$16 Billion hole'

By Randy Economy

Image representing YouTube as depicted in Crun...
Image via CrunchBase

SACRAMENTO - Governor Edmund G. Brown Jr. will release his revised budget proposal at a press conference in Sacramento on Monday, followed by a press conference later in the day in Los Angeles.

But the California Governor took to You Tube on Saturday morning to announce a $16 Billion shortfall for the next fiscal year.

"We are still recovering from the worst recession since the 1930's," Brown says in the You Tube clip entitled "Address to the People of California: Governor Brown discusses 2012-2013 Budget."

"Tax receipts are coming in lower than expected," and "we are facing a $16 Billion hole, up from $9 billion we thought in January," Brown states in the  two and a half minute clip.

"This means we will have to go much further and make cuts far greater than I asked for in the beginning of the year," Brown said.  He also asks voters to support a plan that would tax the "highest earning Californians to pay three percent more in their income tax for the next seven years, and would increase sales taxes one quarter of one percent for the next four years," Brown said.


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