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Posted inWhatMatters

Budget whiplash: California faces $25 billion deficit

$25 billion. That’s the estimated deficit Gov. Gavin Newsom and state lawmakers will confront when crafting a budget for the upcoming fiscal year, the Legislature’s nonpartisan fiscal advisor announced Wednesday. The projection marks a stunning reversal from back-to-back years of unprecedented prosperity: The budget for California’s current fiscal year clocked in at a whopping $308 […]