Gavin Newsom predicted a massive budget deficit for California. Reality was even worse, analysis finds
Fox News
California's budget deficit may be billions of dollars larger than what Gov. Gavin Newsom predicted, raising concerns about the Golden State's fiscal future.
While the predicted year-to-year drop-off seemed large, it may not have been large enough. Aaron Kliegman is a politics reporter for Fox News Digital.
The California Legislative Analyst's Office (LAO), a government agency that analyzes the budget for the state legislature, estimates in a report published last week that Newsom's forecast undershot the mark by about $7 billion, thanks to about $10 billion less in tax revenues than expected.
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