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Californians Learn Consequence Of Newsom’s Spending Spree

via CBS News
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

California is facing a budget crisis with a projected record deficit of $73 billion, as reported by the Legislative Analyst’s Office.

The deficit increase is attributed to a $24 billion revenue erosion, leading to a $15 billion rise in the budget problem.

“The actual increase in the state’s budget problem will depend on a number of factors, including formula-driven spending changes, most notably Proposition 98 spending requirements for schools and community colleges,” the report read.

H.D. Palmer from California’s Department of Finance disputed the estimate, stating that $51 billion in tax receipts are expected.

“From now through April, more than $51 billion in income and corporate tax receipts are forecast to come in,” Palmer said. “No one can say today with certainty how those numbers may change the budget estimate of a $38 billion shortfall.”

“A responsible step would be for the Legislature to act now on the early action budget measures needed for $8 billion in solutions to help close this gap,” he added.

The state’s population has been declining, with many residents leaving for states like Texas, Arizona, Florida, and Washington.

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