daryls61
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California's budget crisis is projected to expand more than previously thought and could hit a record deficit of $73 billion, according to a new report from the state's nonpartisan Legislative Analyst's Office (LAO).
The LAO laid out the grim forecast in a Tuesday report that cautions that a $24 billion "erosion in revenues" corresponds to a $15 billion increase in the state's budget problem. Due to this, the budget deficit, which last month was estimated to hit $58 billion, could now go as high as $73 billion.
www.foxnews.com
The LAO laid out the grim forecast in a Tuesday report that cautions that a $24 billion "erosion in revenues" corresponds to a $15 billion increase in the state's budget problem. Due to this, the budget deficit, which last month was estimated to hit $58 billion, could now go as high as $73 billion.
California budget crisis worse than Newsom projected, as state watchdog warns deficit could reach record $73B
California is facing a more serious financial crisis than thought last month, with the state's deficit projected to hit as high as $73 billion.
