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Newsom boasted of a $97.5 billion budget surplus in 2022, but a year later, it morphed into a $31-plus billion deficit. What happened? California’s budget whiplash showed the pitfalls of ...
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.
The plan would devote billions to an inflation relief package, drought and wildfire conditions, healthcare plan subsidies and higher school funding.
The tug-of-war between California Gov. Gavin Newsom and the nonpartisan Legislative Analyst’s Office over the state’s projected budget deficit took a new turn Tuesday, when the LAO announced a ...
Gov. Gavin Newsom laid out his budget amid projections of tougher economic times to come. Gavin Newsom unveils $297 billion California budget with a deficit after years of surplus Skip to main content
California faced another budget gap for 2010, [8] with $72 billion in debt. [9] California faced a massive and still-growing debt. [10] In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11 ...
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 ...
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...