Tax Increases on the Table as State Runs Out of Money - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Tax Increases on the Table as State Runs Out of Money

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The state controller said California is just two months away from running out of money.

Gov. Arnold Schwarzenegger's goal was to have a state budget deal by Christmas, but lawmakers are still fighting over taxes, spending cuts and the environment.

Faced with a multi-billion-dollar budget shortfall, the governor appears willing to break with Republican ranks and go along with some Democrats' tax proposals.

He is not, however, considering a federal bailout.

The controller said California's financial woes could mean state tax refund checks will be delayed in 2009.

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