Controller: State Could Be Out of Money by July - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Controller: State Could Be Out of Money by July

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After this week's defeat of most of the special election propositions, the state could run out of money within two months.

State Controlled John Chiang said one way to prevent that is for lawmakers to quickly pass a budget for the next fiscal year by June 15.

He says that, based on April 15 tax collections, the state's treasury will be $2.1 billion in the red come July.

The rejection of five budget-related measures on Tuesday is also expected to increase the deficit by $6 billion.

California faces a $24 billion shortfall overall by the next fiscal year.

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