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California faced a $26.3 billion budget deficit for the 2009–2010 budget year. [7] While the legislative bodies appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the Great Recession and the 2007–2008 financial crisis the problem became urgent ...
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
California's massive budget deficit, coupled with the state's relatively high level of joblessness, has become a major barrier to reducing the billions of dollars of debt it has incurred to pay ...
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 ...
The Government's other fiscal rule is the Sustainable investment rule, which requires it to keep debt at a "prudent level". This is currently set at below 40% of GDP in each year of the current cycle. Between 2009 and 2021, the Golden Rule was abandoned, however after the October 2021 budget speech by Rishi Sunak the Golden Rule was restored.
Newsom boasted of a $97.5 billion budget surplus in 2022, but a year later, it morphed into a $31-plus billion deficit. What happened? California’s budget whiplash showed the pitfalls of ...
The deficit deepens state government's economic challenges and could pose political problems for Newsom this year as he grapples with lawmakers and interest groups about his proposed cuts.
Analysis conducted by the Congressional Budget Office in 2013 estimated the effects of automatic stabilizers on budget deficits and surpluses in each fiscal year since 1960. The analysis found, for example, that stabilizers increased the deficit by 32.9% in fiscal 2009, as the deficit soared to $1.4 trillion as a result of the Great Recession ...