California Gov. Gavin Newsom (D)’s projected budget deficit of $22.5 billion may have been too low by $7 billion, according to a report last week by the nonpartisan Legislative Analyst’s Office (LAO).
California Gov. Gavin Newsom ’s projected budget deficit of $22.5 billion may have been too low by $7 billion, according to a report last week by the nonpartisan Legislative Analyst’s Office ., Newsom told Californians last month to expect a $22.5 billion deficit in the coming fiscal year — after a surplus of $100 billion, driven in part by federal grants for coronavirus relief spending.
Our best estimate is that revenues for these two years will be roughly $10 billion lower—implying a larger budget problem by about $7 billion. That said, after adjusting for inflation, anticipated revenues for 2023‑24 still would remain about 20 percent higher than before the pandemic. California’s budget tends to be volatile because it relies heavily on taxing the highest earners in the state, whose income fluctuates with the fortunes of the stock market.the surplus to spend on various left-wing priorities, including health insurance for all residents — including those in the country illegally.on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET .
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