Last Wednesday, the Legislative Analyst’s Office (LAO) released a report on California’s fiscal outlook.

The report predicts a $20.7 billion budget deficit between now and the time the Legislature enacts a 2010-11 budget, which breaks down to a $6.3 billion projected deficit for 2009-10 and a $14.4 billion hole between projected revenues and spending in 2010-11.

Read the full report here.