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It also limits how the government could “respond to an economic recession or other emergencies, put an undue burden on future generations, and heighten the risk of a fiscal crisis.”
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 budget difficulties were compounded last year when the state and federal government delayed the deadline to file 2022 income tax returns from April to November due to winter storms ...
With a potential recession looming, California faces an estimated $25-billion deficit. Lower spending on transportation, housing and education could help close the gap.
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 ...
The Great Recession resulted in a high unemployment rate, causing California to borrow about $10 billion from the federal government. The Employment Training Tax (ETT) rate for 2014 is 0.1 percent on the first $7,000 per employee per calendar year.
(The Center Square) - California’s nonpartisan state analysis agency warned the state has “no capacity for new commitments,” and faces annual deficits of $20 billion or more starting in 2026 ...
A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan in infrastructure and social welfare by the end of 2010. [5] [6] This stimulus, equivalent to US$586 billion, represented a pledge comparable to that subsequently announced by the United States, but which came from an economy only one third the size. [7]