Although the outlook is sobering — not since the Great Recession have California’s revenue estimates been so weak,California “is in its best-ever position to manage a downturn, by having built strong reserves and focusing on one-time commitments” rather than ongoing spending in the last two budgets, H.D. Palmer, spokesperson for the California Department of Finance, said in a statement. Indeed, Newsom has for months been, vetoing bills that he said would have cost taxpayers billions of dollars.
A lot could change between now and January — when Newsom will unveil his budget proposal for the fiscal year beginning in July — and between now and May, when Newsom will release a revised proposal following negotiations with lawmakers. They must reach a spending deal by June 15. But what is clear is that the budget will pose political challenges for Newsom — who has not yet had to govern during a budget deficit — and for California’s newly elected lawmakers, who are set to be sworn into office on Dec. 5.. And for another, Newsom and lawmakers could be forced to slash, delay or downsize programs they’ve touted as signature achievements.
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California Likely To Have $25 Billion Budget Deficit, Report SaysDespite the gloomy outlook, California is in a better position to weather an economic downturn than it has been in the past. How about we cut taxes?
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Report: California Likely to Have $25 Billion Budget DeficitCalifornia will likely have a $25 billion budget deficit next year, state officials announced, ending a run of historic surpluses and acting as a warning to other states about a potential recession. Maybe if they didn’t bribe Californians they would have kept the surplus.
Source: nbcbayarea - 🏆 596. / 51 Read more »
Shock: California Projects $25 Billion Deficit -- After $98 Billion SurplusThe State of California will suffer a $25 billion deficit in 2023-2024, despite enjoying a record-setting $98 billion budget surplus this year, according to new analysis from the nonpartisan Legislative Analyst’s Office. You can't escape demography forever. Funny, I was just speaking with someone that lives in Cali and was all in for Democrats. do the math Gavin. residents fleeing your state = less revenue from less residents. sooner or later the rich residents are going to give up due to taxes too. then what?
Source: BreitbartNews - 🏆 610. / 51 Read more »
California headed for $25 billion deficit in 2023 -SAN DIEGO (KUSI) – According to several reports, California is set to have a $25 billion defect next year. As lawmakers reassess budget priorities and refocus on fiscal responsibility, the economy shows no sign of rebound in the near future, meaning the state’s sources of revenue are likely to remain low. Joining us now to discuss is 34th District Assemblyman... Gee, maybe if they hadn’t spent all that “surplus” on things like bribing voters? Maybe stop spending money and supporting lazy do nothings. Rename the state Ukraine
Source: KUSINews - 🏆 241. / 63 Read more »
Mackenzie Scott donates $25 million to CPSChicago Public Schools received a huge donation from Philanthropist MacKenzie Scott this week. I’m sure they’ll spend it wisely CPS has a $9.4 billion budget this year, and the student continuing disastrous learning scores are a progressive city prison sentence. Gang or welfare. Prison and poverty mackenziescott fuels tragedy. She is a party to the misery She should have just threw it in Lake Michigan
Source: cbschicago - 🏆 546. / 51 Read more »