Report: California Faces Giant $68 Billon Budget Deficit Due to Low Tax Collections ...Middle East

Times of San Diego - News
Report: California Faces Giant $68 Billon Budget Deficit Due to Low Tax Collections
Flags over the California Capitol in Sacramento. Courtesy of Sen. Toni Atkins’ office California’s nonpartisan Legislative Analyst’s Office reported Thursday that the state faces a whopping $68 billion budget deficit as a result of a late and “unprecedented” decline in tax revenues. The office, which which serves as the official “eyes and ears” for the state Legislature, warned that Gov. Gavin Newsom would likely have to declare a budget emergency to make sufficient spending cuts. The state budget assumed a deficit of $14 billion when it was approved in June, but the shortfall will actually be much higher. “With the state’s conformity to federal actions postponing deadlines for

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