With Revenue Growing, Why Is California Warning About Deficits?

SACRAMENTO, Calif. (AP) – California’s economy is expanding and voters just approved billions of dollars in tax increases, yet Gov. Jerry Brown this week projected a budget deficit for the first time in four years and called for spending cuts.
So what’s going on?
The paradoxical budget picture is a result of revenue growing more slowly than economists had predicted after years of rapid increases from a hard-charging economy. While Brown expects revenue to be up 3 percent next y