California Budget Deficit Swells to $73 Billion as Incoming Tax Revenue Falls, Watchdog Reports
California’s budget watchdog warned Tuesday that the state’s deficit has swelled to $73 billion this year, just a month after Gov. Gavin Newsom (D.) painted a rosier picture of the state’s financial outlook. Incoming tax revenue is so low that the state’s budget analyst believes they will ultimately fall $24 billion below Newsom’s budget proposal,