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   From: yourdime@outlook.com   
      
   California is facing a $68 billion budget deficit, the nonpartisan   
   Legislative Analyst’s Office said Thursday.   
      
   Most of the deficit comes from lower than expected tax revenues this year,   
   the office said.   
      
   California delayed its tax filing deadline to November this year because   
   of a series of damaging storms. That forced Democratic Gov. Gavin Newsom   
   to come up with a spending plan without knowing how much money the state   
   would have.   
      
   RELATED: San Francisco Mayor Guts City Programs as $1B Budget Shortfall   
   Looms   
      
   The Legislative Analyst’s Office says revenues for the 2022-23 budget year   
   ended up $26 billion below previous estimates. The office says the state   
   could cut spending on education and take money from the state’s savings   
   account to help balance the budget.   
      
   The state’s budget topped $300 billion last year.   
      
   The projected $68 billion deficit is a record in terms of a dollar figure.   
   But the state has seen deficits that represent a larger share of the   
   budget in the past.   
      
   It’s the second year in a row, tax collections in the nation’s most   
   populous state likely won’t be enough to cover expenses—potentially   
   leading to some hard choices for Newsom and his allies in the Legislature.   
      
   The problem is inflation and how the U.S. government is trying to control   
   it. The Federal Reserve has been increasing a key interest rate that makes   
   it more expensive for people and businesses to borrow money. That means   
   fewer people are buying homes and fewer businesses are hiring workers.   
      
   In California, that means the number of unemployed workers has risen by   
   nearly 200,000 since last year, enough to increase the state’s   
   unemployment rate to 4.8% from 3.8%. The national unemployment rate is   
   3.9%   
      
   Layoffs have hit the tech sector particularly hard, which has an outsized   
   impact on California given the industry’s concentration in Silicon Valley.   
      
   https://sfstandard.com/2023/12/07/california-budget-deficit/   
      
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