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The plan would devote billions to an inflation relief package, drought and wildfire conditions, healthcare plan subsidies and higher school funding.
Newsom and lawmakers, as part of budget negotiations last year, reached a handshake agreement to make cuts, defer programs and take $7.1 billion out of the state’s rainy day fund, to address a ...
California’s budget gap is likely to grow as state tax collections fall far below projections. Maggie Angst. October 30, 2023 at 2:59 PM. ... The state, amid a new state bond sale, was required ...
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 faced another budget gap for 2010, [8] with $72 billion in debt. [9] California faced a massive and still-growing debt. [10] In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11 ...
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 ...
The tax hike proposed in Proposition 30 would be imposed on personal incomes exceeding $2 million a year, raising up to $5 billion annually, according to the Legislative Analyst's Office.
[38] In other words, the government should act to stabilize economic conditions, reducing the budget deficit when the economy is booming (or maintaining a surplus) and increasing the deficit (or reducing the surplus) when the economy is in recession. The only fiscal years since 1970 when the U.S. had a budget surplus were 1998–2001, a ...