CalMatters: How California’s bursting budget morphed into a $45 billion deficit in just two years ...Middle East

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CalMatters: How California’s bursting budget morphed into a $45 billion deficit in just two years
The much-revised 2024-25 state budget that Gov. Gavin Newsom released last week contains hundreds of spending reductions and other actions to close what he says is a $44.9 billion deficit. Exactly two years earlier, Newsom boasted as the state enjoyed a $97.5 billion budget surplus, thanks to surging revenues from the post-pandemic economic recovery. “No other state in American history has ever experienced a surplus as large as this,” Newsom said as he unveiled a revised $300 billion 2022-23 budget, which was $14 billion higher than his original proposal. The budget he signed a month later was even larger, $307 billion, with immense new commitments, including cash payments to poor families a

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