Even if California Governor Arnold Schwarzenegger and top lawmakers
quickly plug a $26.3 billion deficit to balance the state's budget
the state's weak revenues signal that a new shortfall will emerge
…a balanced budget is seen as fleeting because California's economy
which is reeling from high unemployment and the recession
will remain in the dumps for some time
Closing the current shortfall
does not account for further deterioration in the economy and revenue
that many economists expect
California's revenues from personal income tax collections
its main revenue source
are posting their worst decline since the Great Depression
California's budget gap won't close for long
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