The State of California will suffer a $25 billion deficit in 2023-2024, despite enjoying a record-setting $98 billion budget surplus this year, according to new analysis from the nonpartisan Legislative Analyst’s Office.
, released Wednesday, come just over a week after elections in which Democrats, including Gov. Gavin Newsom , were reelected to every statewide office after a year of lavish public spending.
The Legislative Analyst’s Office explained that the deficit could be even worse, if a recession is particularly bad : Under our outlook, the Legislature would face a budget problem of $25 billion in 2023‑24. The budget problem is mainly attributable to lower revenue estimates, which are lower than budget act projections from 2021‑22 through 2023‑24 by $41 billion. Revenue losses are offset by lower spending in certain areas. Over the subsequent years of the forecast, annual deficits would decline from $17 billion to $8 billion.
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