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California budget surplus or deficit status by mid-2025
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Resolution / Starting Odds
Surplus • 33%
Deficit • 33%
Balanced • 33%
California Department of Finance reports
Story
California Legislature Approves Budget to Address $46.8B Deficit, Signed by Newsom
Jun 29, 2024, 10:34 PM
The California Legislature has approved a budget aimed at addressing a significant $46.8 billion deficit. The budget includes measures to slash spending and temporarily raise taxes on some businesses. On June 29, 2024, Governor Gavin Newsom signed the budget into law, ensuring funding for the upcoming year while tackling the substantial $46.8B financial shortfall.
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Surplus • 33%
Deficit less than $20 billion • 33%
Deficit more than $20 billion • 33%
Less than $40 billion • 33%
$40 billion to $50 billion • 33%
More than $50 billion • 33%
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Approved with Deficit • 25%
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Further spending cuts • 25%
Increased borrowing • 25%
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$10 billion to $16 billion • 33%
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Passes all proposed measures • 25%
Passes some measures • 25%
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Session extended • 25%