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Analysts said California could have used some of the $43.5 billion the state received in American Rescue Plan Act money to pay down the debt. Instead, state officials spent the relief money for ...
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 ...
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).
The current debt ceiling was approved in December 2021 on a party line vote. It passed after months of political wrangling, and only because Senate Republican Leader Mitch McConnell agreed to ...
Americans have been racking up debt very rapidly in the past months. For instance, as of the second quarter of 2023, total household debt rose by $16 billion to reach $17.06 trillion in the second...
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 ...
Americans owe more than $1.2 trillion in credit card debt. How much does California have?