Despite the gloomy outlook, California is in a better position to weather an economic downturn than it has been in the past.
Alexander Spatari via Getty Imageswill likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession.
The shortfall won’t endanger some of California’s major expansions of government services, including free kindergarten for 4-year-olds and free health care for low-income immigrants living in the country without legal permission. “While we’re in fact better prepared, that doesn’t mean that the decisions to close the coming budget gap won’t be difficult — particularly if the economic conditions that have slowed the economy continue, or get worse,” California Department of Finance spokesman H.D. Palmer said.And it has plenty of cash available to meet its obligations this year. “It’s not insignificant, but it’s also manageable,” Legislative Analyst Gabriel Petek said of the deficit.
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Despite stock rally, recession in 2023 is still likely as Fed continues to raise ratesA rebounding stock market isn't an all-clear signal for the economy. Stocks edged up Tuesday after a second report in less than a week showed inflation slowing. But that doesn’t mean the nation will dodge a recession next year, economists say.
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Report: California likely to have $25 billion budget deficitCalifornia will likely have a $25 billion budget deficit next year. The nonpartisan Legislative Analyst's Office said Wednesday that state revenues are $41 billion below expectations.
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California likely to have $25 billion budget deficit in 2023, report saysThe deficit will likely lead to some painful spending decisions but won't affect programs like free kindergarten for 4-year-olds and free health care for low-income immigrants living in the country without legal permission.
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State officials warn California likely to see budget deficit of $25 billionState officials announced Wednesday that California will likely have a $25 billion budget deficit next year, thereby ending a run of historic surpluses and acting as a warning to other states about a potential recession.
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California likely to have $25 billion budget deficit: reportThis year, revenue is $41 billion below expectations, according to a report by the Legislative Analyst's Office.
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Report: California likely to have $25 billion budget deficitCalifornia will likely have a $25 billion budget deficit next year
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