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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 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 ...
Newsom’s office considers that spending reduction to be baseline, while the LAO considers it a policy choice for lawmakers and the governor to make while crafting the 2024-25 budget.
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 ...
The plan would devote billions to an inflation relief package, drought and wildfire conditions, healthcare plan subsidies and higher school funding.
A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
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.