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Newsom's plan seeks to solve the budget deficit for the next two budget years, including additional cuts, reductions and delays to solve an estimated $28.4-billion deficit in 2025-26.
This is a list of U.S. state government budgets as enacted by each state's legislature. 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 ...
California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. Democratic Gov. Gavin Newsom on ...
California public spending. State spending increased from $56 billion in 1998 to $131 billion in 2008, and the state was facing a budget deficit of $40 billion in 2008. [ 6] California faced a $26.3 billion budget deficit for the 2009–2010 budget year. [ 7]
The deficit marks a dramatic reversal of California's financial standing from a projected $100-billion surplus two years ago and creates a challenging political narrative for Newsom, who often ...
2008–2012 California budget crisis. Furlough at a California Department of Motor Vehicles office in 2009. The U.S. state of California had a budget crisis in which it faced a shortfall of at least $ 11.2 billion, [1] and projected to top $40 billion over the 2009–2010 fiscal years. [2]
California Gov. Gavin Newsom on Friday unveiled his revised $288 billion budget proposal with a $28 billion deficit that will require tough budget cuts — including eliminating 10,000 now-vacant ...
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 ...