By JENNIFER STEINHAUER | New York Times | National Briefing | West
October 9, 2009 -- California, still reeling from huge budget cuts and tax increases intended to close billions of dollars in deficits, has ended the first quarter of its fiscal year with falling revenues. The state’s combined personal, corporate and sales taxes fell more than $1 billion under estimates, according to a monthly report released by the state controller, John Chiang. The state started the fiscal year on July 1 with an $11.9 billion cash deficit in its general fund, and that deficit grew to $16.2 billion during September.
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