From PE.com:

Despite multiple attempts to balance California’s budget, the state can still expect to confront shortfalls approaching $20 billion during each of the next five years, according to a long-range forecast released Wednesday.

The report by the nonpartisan Legislative Analyst’s Office warned that the nation’s most populous state will face huge fiscal challenges even as the national economic outlook begins to improve and the state economy heads toward a recovery in a year or two.

In his report, Mac Taylor, the Legislature’s nonpartisan budget analyst, urged Gov. Arnold Schwarzenegger and lawmakers to act swiftly on permanent solutions by making deeper reductions in all state programs and looking to raise revenue.

“The sooner they act, the better,” Taylor said. “Because often times it takes a few months to implement expenditure reduction. They’re going to have to focus on long-lasting solutions.”

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