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11 maj 2024 · SACRAMENTO, Calif. (AP) — California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. This is the second year in a row the nation’s most populous state is facing a multibillion-dollar shortfall.
The biggest challenge facing lawmakers and Gov. Gavin Newsom is the state budget deficit — and it just got bigger. Today, the Legislative Analyst’s Office projected the shortfall as $15 billion higher, or $73 billion.
31 mar 2024 · Chart: The Economist. The state faces three overlapping challenges: rising unemployment, growing fiscal strains and population outflows. All of these should abate over time, but for now they...
22 cze 2024 · The state government’s financial problem can be blamed in part on poor revenue projections that led Newsom and lawmakers to allocate more money for programs than they had available to spend.
11 maj 2024 · Following the bountiful years of the pandemic, California’s guesses have been way off. The Newsom administration now predicts state revenues will be $83.1 billion lower than they thought for the 2022-23 and 2023-24 fiscal years.
18 gru 2023 · California is ending the year facing a multitude of economic challenges, including a budget deficit, flat tax revenue, sluggish job growth and massive unemployment insurance debt. The state’s budget surplus turned into a $32 billion deficit in 2023 — a result of its heavy reliance on personal income taxes, which are tied to the ups and ...
7 mar 2024 · Spending and financial mismanagement may be the top two explanations for California’s fiscal woes, but the problems don’t stop there. Since state leaders won’t reduce spending, California also...
