California state budget runs into the red

November 17, 2009 12:00:00 AM PST
California's state budget, is back in the red.

On Wednesday, the state's chief budget analyst will release a report that projects a nearly $21 billion deficit for the next fiscal year.

That's according to a report out in the Los Angeles Times.

The bad economy, combined with unrealistic budget assumptions, and spending cuts that need court approval -- means lawmakers may have to revisit the budget issue, only four months after they passed the last one.