California proposes mere $8.5 billion spending cut against $68 billion deficit
By Kenneth Schrupp
“[The governor’s plan] seems to be a combination of some spending cuts and a bunch of budget gimmicks,” said Pacific Research Institute Senior Fellow for Business and Economics Wayne Winegarden in an interview with The Center Square. “We’re going to do internal borrowing from different accounts…we’re letting the universities borrow against money they’re going to get next year — that kind of budgeting is problematic because there’s a very high risk this isn’t a one year event … When you look at past budget crises they’re not one year events — they’re two, three, four year events. “
