Advocates warn now is not the time to cut programs that help the poor. California has reserves to weather a tough year, but a recession could deepen the deficit.
But, Palmer noted, the state can only draw down the rainy day fund by half in any year. The Legislative Analyst’s Office has advised the Legislature to slow down or pause program expansions before dipping into reserves.
Advocates are proposing that California mimic that federal expansion by opening up the state’s Young Child Tax Credit, currently a $1,000-a-year credit for low-income families with children under age 6, to include all children in low-income households. Last year she used some of the $4,000 in federal child tax credits on school supplies and clothes for the four children she and her boyfriend are raising, she said. With prices rising this year, she was unable to save any of that subsidy.If the credits were an annual payment, she said, it would allow her to plan for expenses, maybe use it as “a little savings account” to draw on when the children grow out of their clothes or save it for a security deposit if the family needs to move.
age 55 and older; the benefits are expected to become available late next year. Newsom vetoed a bill that would have tested an unemployment benefits program for undocumented immigrants, citing costs.The projected shortfall is the state’s first major fiscal challenge since Newsom’s office predicted a $54 billion shortfall in May 2020, when the country was in the grips of the COVID-19 pandemic.
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