• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

California budget deficit swells to $16 billion

The California State Capitol building is seen in this undated file photo.

May 12, 2012 12:00:00 AM PDT
The California budget deficit has swelled to a projected $16 billion just four months after it was predicted at $9.2 billion.

Gov. Jerry Brown on Saturday said tax collections have not come in as high as expected, and the economy is not growing as fast as was hoped. He said the soaring deficit means more and deeper budget cuts.

The governor is pushing for tax increases on the November ballot.

"We can't fill this hole with cuts alone without doing severe damage to our schools. That's why I'm bypassing the gridlock and asking you, the people of California, to approve a plan that avoids cuts to schools and public safety," Brown said in an online video.

The governor is expected to lay out a revised spending plan on Monday.