California's projected budget deficit may reach $70bn over 3 years, with Governor Newsom and legislators employing gimmicks to create a balanced budget, not addressing structural deficit.
California's projected budget deficit may reach $70 billion over the next three years, according to the Legislature's budget analyst Gabe Petek. Governor Gavin Newsom and state legislators are using gimmicks, borrowing, and temporary suspensions of appropriations to create a budget that appears balanced. This approach does not address the state's "structural deficit" and relies on accounting tricks rather than concrete spending reductions or new taxes, potentially worsening California's fiscal situation.
March 26, 2024
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