In January, Gov. Brown projected a $9.2 billion shortfall in the State Budget. When the May Revise, capturing April’s tax receipts, came out, however, voters were told projected deficit has swelled to $5.2 billion.

The dilemma has become a familiar pattern in California, where the state relies heavily on income taxes that go up and down with the economy. When the economy starts to rebound and tax receipts pour in, the budget crisis is quickly forgotten. Will this year be any different? Will California’s structural deficit finally be addressed?

Mac Taylor, leader of the State’s non-partisan Legislative Analysts’ Office (or LAO) and credited by both parties for providing accurate, unbiased information on fiscal and policy matters; Dan Walters, veteran political columnist of the Sacramento Bee; and John Myers, Political Editor for ABC 10 in Sacramento discuss the growing problem in California.

ORIGINAL AIR DATE: JULY 2, 2012