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- California Legislature passes preliminary $325 billion budget - CalMatters
The California Legislature passed a state budget today that relies more on borrowing than spending cuts to close a projected $12 billion deficit, aiming to push off difficult decisions about priorities even as that gap is only expected to grow in future years The $325 billion legislative spending plan, which was approved by the Democratic majority along largely partisan lines, is something
- California has a multibillion-dollar budget deficit. Heres what you . . .
California Gov Gavin Newsom unveils his revised 2024-25 state budget during a news conference in Sacramento, Calif , Friday, May 10, 2024 Newsom said the state’s budget deficit has grown by $7 billion In January, Newsom said the deficit was nearly $38 billion
- After A $100 Billion Surplus, California Now Faces A $73 Billion Budget . . .
Around the time of the 2007–8 financial crisis, California faced a budget deficit of about $40 billion, which led to state worker furloughs and layoffs, the use of state IOUs, and a temporary increase in the state sales tax and in the top income tax rate
- What contributed to Californias record $68 billion budget deficit?
California is facing a record $68 billion budget deficit, state officials announced Thursday, forcing hard choices for Democratic Gov Gavin Newsom in his final term as he works to build his
- The 2025-26 Budget: Californias Fiscal Outlook
Revenue Improvement Offset by Higher Costs, 2025‑26 Budget Remains Roughly Balanced Although revenues are running ahead of budget act assumptions, those improvements are roughly offset by spending increases across the budget On net, our assessment finds the state has a small deficit of $2 billion
- California’s budget deficit grows to $27. 6 billion - NBC Los Angeles
California has a budget deficit of $27 6 billion, Gov Gavin Newsom announced Friday — a gap so wide that he's proposing cutting 10,000 vacant state jobs and suspending some widely used
- California Budget Deficit Balloons To $73 Billion According to . . .
According to a new updated revenue forecast report released by the Legislative Analyst’s Office on Tuesday, California’s budget deficit for the 2024-2025 year was increased from the previously estimates of $58 billion and $68 billion to $73 billion
- How Californias $98 billion surplus became a $31-plus billion deficit . . .
Budget mavens in the governor’s Department of Finance and the Legislature are now anxiously awaiting revenue totals from this year’s much-delayed income tax filings to see whether the deficit will continue to grow
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