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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). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
That is the biggest deficit by dollars in state history, but previous deficits have been larger as a percentage of state spending. California's current budget tops $300 billion, the largest by far ...
As can be seen below, Table 1 gives an overview of California's 2017-2018 enacted state budget. As the table suggests, health care and K12 education represent California's largest expenditures of state funds. The largest health care expenditure is for California's Medi-Cal program, a health insurance program for low-income families in California.
The Legislative Analyst’s Office identified around $15 billion in cuts that could be made to make up for the state’s shortfall. California has dueling budget deficits. Here’s what that means ...
Balancing the budget isn't just a federal problem -- it's a state one as well. The Great Recession resulted in some of the lowest state revenues in years, and some of the biggest budget shortfalls ...
The Committee for a Responsible Federal Budget estimated that, partially as the result of the CARES Act, the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion, or 18.7% GDP. [91] For scale, in 2009 the budget deficit reached 9.8% GDP ($1.4 trillion nominal dollars) in the depths of the Great Recession. CBO forecast in ...
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. ... -The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023 ...