budget deficit – California Globe

California Legislature’s Budget Process Anything but Transparent Says Veteran Tax Fighter

June 13, 2024 9:07 amJune 13, 2024 9:07 am

“Last Wednesday afternoon, Assembly Speaker Robert Rivas and Senate Pro Tem Mike McGuire announced that the two legislative houses had agreed on a budget proposal. Less than 24 hours later, on Thursday morning, the Assembly Budget Committee took up the...

Legislative Analyst and Gov. Newsom Still Disagree on Budget Deficit and Solutions

May 20, 2024 7:51 amMay 20, 2024 7:51 am

The Legislative Analyst’s Office updated spending plan in Gov. Newsom’s revised budget shows a $55 billion budget deficit as opposed to the $27.6 billion figure Newsom presented last week, according to the Legislative Analyst’s Office. The LAO released its latest...

Newsom’s Budget Revisal Proposes 10,000 Vacant State Jobs Being Cut, Cuts To 260 State Programs

May 11, 2024 7:45 amMay 11, 2024 7:45 am

During his May revised 2024-2025 state budget proposal announcement on Friday, Governor Gavin Newsom proposed cutting around 10,000 vacant state jobs, as well as spending to 260 state programs. Back in January, Governor Newsom released his first 2024-2025 state budget...

California’s Red Ink is Negatively Impacting Municipalities Large and Small

April 23, 2024 11:03 amApril 23, 2024 11:03 am

The State of California is hemorrhaging red ink with a massive budget shortfall. The non-partisan Legislative Analyst Office estimates the deficit at $73 billion; Governor Gavin Newsom claims to be optimistic and pegs the shortfall at $38 billion. A gap of $30...

Will Gov. Gavin Newsom Face a Reckoning with His $73B Deficit in the $330 Billion Budget?

April 9, 2024 12:00 pmApril 10, 2024 7:44 am

When are budget cuts not really budget cuts? When they are in Gov. Gavin Newsom’s budget. California has a budget deficit of $73 billion, the Legislative Analyst’s Office reports. Gov. Newsom claimed the budget deficit was only $30 billion in...

Another $170 Million – EDD Faces Fed Debt Interest Hike

February 29, 2024 2:25 pmFebruary 29, 2024 2:25 pm

On January 1, the interest rate the federal government is charging the state on its more than $20 billion unemployment insurance trust fund debt rose from 1.68% to 2.61%. At first blush, that doesn’t look like too much and the...

California Budget Deficit Balloons To $73 Billion According to Legislative Analyst

February 20, 2024 6:43 pmFebruary 20, 2024 6:43 pm

According to a new updated revenue forecast report released by the Legislative Analyst’s Office on Tuesday, California’s budget deficit for the 2024-2025 year was increased from the previously estimates of $58 billion and $68 billion to $73 billion. California’s state...