$54.3 billion Budget deficit due to COVID-19, predicts California
As per the projection by financial advisers to Governor Gavin Newsom, California probably will be facing $54.3 billion budget deficit due to an immense drop in revenue in addition with increased expenses due to coronavirus pandemic.
Being a democrat, Newsom stated that the state is preparing to revise his proposed budget to reflect vastly varied circumstances, as California was equipped with lot of money, which cover the end-June 2021 period.
The reports also suggested that Newsom proposed a budget which increased spending for and on education, anti-poverty attempts, health services, unemployment as well as other programs were almost 3.9% and the state had projected $5.6 billion surplus, with another $21 billion in reserves.
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