California will likely have a $25 billion budget deficit next year, state officials announced, ending a run of historic surpluses and acting as a warning to other states about a potential recession.
“It’s not insignificant, but it’s also manageable,” Legislative Analyst Gabriel Petek said of the deficit. “We don’t think of this as a budget crisis.”
“The chances that the Federal Reserve can tame inflation without inducing a recession are narrow," the LAO said in its report. “Today’s report is another wake-up call to those warnings. We must refocus on fiscal responsibility,” said Fong, who is vice chair of the Assembly Budget Committee. California lawmakers could conceivably cover all of the deficit with the money it has in its savings accounts, but the Legislative Analyst's Office warned them not to do that. Their outlook predicts deficits not just for this year, but the next three years — although the size of the deficit decreases each year.
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