California’s Budget Deficit Swells to $73 Billion, Says Legislative Analyst Report

Published on February 22, 2024

Weak revenue collections in December and January are impacting the state’s finances and expanding the budget deficit to about $73 billion, according to a Feb. 20 report from the nonpartisan Legislative Analyst’s Office. Receipts failed to meet expectations across the board, as withholding, personal income, and corporate taxes fell short of projections by $24 billion collectively and contributed to an additional $15 billion shortfall, analysts wrote in the report. The governor’s budget proposal released in January suggested the deficit is closer to $38 billion. “The governor’s math is fuzzy, and he doesn’t want to admit that he’s created this problem,” Republican Assemblyman James Gallagher told The Epoch Times on Feb. 21...

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