California faces a $15.4 billion budget deficit in the 2009-10 fiscal year. If voters reject three of the five budget-related measures on next Tuesday's special election ballot, that figure will grow by $6 billion.
A deficit of $21.3 billion would translate to roughly 20 percent of the state's entire general fund. The governor's budget proposals will reflect two scenarios: One in which voters approve the budget-related measures and one in which they do not.
Schwarzenegger and state lawmakers passed a budget package in February that was intended to solve the deficit in the current fiscal year and produce a balanced budget for the one that begins on July 1. The combined deficit was projected to be $42 billion before the governor and lawmakers passed their budget package. They agreed to $15.1 billion in cuts, $12.8 billion in temporary tax increases and $11.4 billion in borrowing.