California Facing Record $68 Billion Deficit, Potential ‘Fiscal Budget Emergency’: Legislative Analyst

Citing a “severe revenue decline” in California, analysts anticipate a $68 billion budget deficit that could accumulate to more than $155 billion over the next five years.     A spokesperson for California Gov. Gavin Newsom suggested some of the state’s approximately $24 billion held in reserves could be used to address the growing deficit—an idea analysts agree will be necessary.  “The Governor has maintained strict fiscal responsibility since taking office, building up the state’s reserves to historic levels reaching the maximum allowed by the state constitution to be put in reserves and paying down debts—putting California in a strong position to deal with budget shortfalls,” Erin Mellon, communications director for Mr. Newsom’s office, told The Epoch Times by email Dec. 7. ...