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Faced with a $44.9-billion budget deficit, Gov. Gavin Newsom described a plan to shrink the size of state government and slow his progressive policy agenda by eliminating 10,000 vacant state...
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.
Newsom’s revised balanced state budget cuts one-time spending by $19.1 billion and ongoing spending by $13.7 billion through 2025-26, including trimming nearly 8% cut out of state operations and ...
SACRAMENTO, CA — Faced with ongoing weaknesses in state finances, Gov. Gavin Newsom put forward a revised budget plan today that he said aims to stabilize California in the longer term by ...
This is a list of U.S. state government budgets as enacted by each state's legislature. A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts).
A potential economic downturn that would result in a significant drop in state revenues overall, alongside growing cost pressures in district budgets, drives our pessimism.
2008–2012 California budget crisis. Furlough at a California Department of Motor Vehicles office in 2009. The U.S. state of California had a budget crisis in which it faced a shortfall of at least $ 11.2 billion, [1] projected to top $40 billion over the 2009–2010 fiscal years. [2]
California public spending. State spending increased from $56 billion in 1998 to $131 billion in 2008, and the state was facing a budget deficit of $40 billion in 2008. [6] California faced a $26.3 billion budget deficit for the 2009–2010 budget year. [7]
The report highlights three major red flags in the FY 2024 state budget: 🚩 Declining revenues and a shrinking surplus 🚩 Costly tax cuts and tax credits that erode future revenue collections...
California lawmakers will return to Sacramento next month to deal with a looming problem — a $68 billion budget gap that may require an emergency declaration to fix.