"California's Budget Deficit Soars to $68 Billion, Threatening the Golden State's Future"
TL;DR Summary
California's budget deficit has surged to $68 billion, largely due to unexpectedly low tax revenues. The deficit is significantly higher than the previous estimate of $14.3 billion. The state may be forced to make substantial spending cuts, including reducing education spending and tapping into reserves. Governor Gavin Newsom is expected to release a budget proposal in January to address the financial crisis.
- California’s budget deficit increases to $68 billion KTLA Los Angeles
- Opinion: Economic reality bites as Newsom faces a big California budget problem Redheaded Blackbelt
- Golden State no more? California budget deficit balloons to $68 billion The Mercury News
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