California Has a Budget Shortfall

The nonpartisan Legislative Analyst’s Office, California’s trusted fiscal analyst, just released their 2023-24 Fiscal Outlook report, which revealed a devastating projection. Our State faces a $25 BILLION shortfall next year.
 
It doesn’t end there: a $17 billion shortfall is projected for the following year. In fact, deficits are expected to continue through the 2026-27 fiscal year. This is California’s weakest performance since the Great Recession, and will exacerbate many of our problems, from homelessness to transportation, and everything in between.
 
A reminder that just last spring, the majority party boasted about our State’s historic $97.5 billion budget surplus.
 
Despite warnings that California’s budget was on an unsustainable path, the ruling party continued to spend without accountability.
 
Californians were overtaxed and government grew while investments in critical infrastructure, like new water storage, were ignored.
 
Sacramento failed a basic lesson we teach our young children—how to budget properly. Sadly, the ultimate victims of the State’s overspending and under-saving will be hardworking Californians.
 
We must eliminate funding for pet projects and focus our spending on fundamental priorities and policies that will grow our economy and improve our way of life. We must restore fiscal responsibility in California.