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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 ...
The governor has not taken that sort of action since June 2020, when California was in the thick of the COVID-19 pandemic and facing a $54.3 billion budget gap.
The mortgage lending rate on a 30-year fixed rate loan was 6.99% last week, according to Freddie Mac, which tracks rates. Over the past year, the rate has averaged 7.01%. Over the past year, the ...
An LAO analysis of the governor’s budget said the administration had actually filled a potential gap of $58 billion, meaning the two estimates were about $10 billion apart. Then, on Tuesday, the ...
The national rate was 3.8%. The budget forecasts the California rate should stay at 5.3% through the first half of next year “as tight financial conditions continue to soften the labor market ...
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 ...
Lawmakers and the governor are scrambling to reduce California's budget deficit, which Newsom estimated at $37.9 billion in January, before the fiscal forecast is updated in the coming weeks to ...
It is true that California's government had grown. Between 1973 and 1977, California state and local government expenditures per $1,000 of personal income were 8.2% higher than the national norm. From 1949 to 1979, public sector employment in California outstripped employment growth in the private sector.