It's a big one: about $68 Billions. Hmmmm. Recall just a few years back the projected budget shortfall was about $9 Billion and the 66% Democratic legislature decided some changes needed to be made. Old jerry Brown figured he could raise some taxes and fees and voila, a budget surplus. Now Gavin the candidate has some real challenges ahead: what to cut; where to cut; how much to cut are just a few. Tax revenues fell short as business and personal income levels fell. The FED raised interest rates and delivered a body punch to home buyers, mortgage lenders; small business; and borrowers of all stripes. Incomes went south and so did projected income taxes.
When will the cut list come out? In time for Christmas? hardly, that would be an amateur move; bad timing. So, maybe January, about the beginning of the campaign season of 2024. How exciting. Watch the squirming in Sacramento. Old Dan Walters loves to cover these issues- very amusing as the pols trip over themselves explaining why this cut is more deserving of that cut. Antics. Maybe the Sandwich King Kevin McCarthy will ride in from the Valley and throw a lifeline to Gavin. DOubt it.
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