Village News - Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

California doom: Staggering $54 billion budget deficit looms

 

Last updated 5/8/2020 at 12:07pm

ADAM BEAM

Associated Press

SACRAMENTO (AP) - California will have a budget shortfall of $54.3 billion because of the economic devastation wrought by the coronavirus, Gov. Gavin Newsom's administration announced Thursday, a stunning reversal for a state that had a $21 billion surplus a year ago.

The state has been under a mandatory stay-at-home order since mid-March, forcing nonessential businesses to close and prompting more than 4 million Californians to file for unemployment benefits. After recording record low unemployment of 3.9% at the start of the year, the Newsom administration now...



For access to this article please sign in or subscribe.



 

Reader Comments
(0)

 
 

Our Family of Publications Includes:

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2019

Rendered 06/04/2020 03:54