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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 ...
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 federal government must authorize increases to the MCO tax, which health insurers pay. First, the Legislature needs to approve the increase, which has to go to the Centers for Medicare and ...
The blow dealt by the economic slowdown in California, the country and the globe eviscerated a projected state $5.6 billion surplus in January 2020 and turned it into the $54 billion deficit.
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 ...
But not only has the interest rate on the loan since risen to 2.6% — and may yet rise further — what were once huge surpluses are now a projected record budget deficit of more than $70 billion ...
[2]: 114–116 A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A government budget presents the government's proposed revenues and spending for a financial year. The government budget balance can be broken down into the primary balance and interest payments on accumulated ...
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 ...