budget deficit – Page 2 – California Globe

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...

Gov. Gavin Newsom Disappears $30 Billion of the Deficit in New Budget

January 10, 2024 1:47 pmJanuary 10, 2024 1:47 pm

Where did $30 billion of California’s budget deficit go? California Governor Gavin Newsom put on quite a budget show this morning, feigning indignation over the Legislative Analyst’s Office’s recent update on the state’s actual budget deficit, which the LAO put...

California Budget Deficit Climbs To $68 Billion

December 7, 2023 7:51 pmDecember 7, 2023 7:51 pm

The Legislative Analyst’s Office (LAO) announced on Thursday that the state budget deficit now stands at $68 billion for the 2024-2025 fiscal year, $10 billion higher than initial projections showed earlier this month. California’s state budget has fluctuated wildly in...

Legislative Analyst Reports: California Facing $58 Billion Budget Deficit Over Next Few Years

December 1, 2023 10:39 pmDecember 1, 2023 10:39 pm

According to a new report released by the Legislative Analyst’s Office (LAO) on Friday, California will likely face a budget deficit of $58 billion over the next few years, with massive spending cuts likely to come because of less than...