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Golden State Could have $25 Billion Deficit in 2023-24 Fiscal Year

By McKenzie Jackson, California Black Media California’s government may have a faceoff with a $25 billion budget shortfall in the upcoming fiscal year as tax revenues decline, according to a report issued by the state’s nonpartisan Legislative Analyst’s Office (LAO). During a Nov.16 video press briefing, Legislative Analyst Gabriel Petek said that if the predicted […]
The post Golden State Could have $25 Billion Deficit in 2023-24 Fiscal Year first appeared on BlackPressUSA.

Published

4 years ago

November 27, 2022

OAKLAND POST

By McKenzie Jackson, California Black Media

California’s government may have a faceoff with a $25 billion budget shortfall in the upcoming fiscal year as tax revenues decline, according to a report issued by the state’s nonpartisan Legislative Analyst’s Office (LAO).

During a Nov.16 video press briefing, Legislative Analyst Gabriel Petek said that if the predicted downturn happens, it will be the Golden State’s weakest revenue performance since the 2008 to 2009 Great Recession.

“It is not insignificant, but it is also manageable,” Petek said. “We don’t think of this as a budget crisis. We just think of it as a notable budget problem that the Legislature will have to confront when it begins that process in January.”

The LAO, the state Legislature’s fiscal and policy advisor, details the budget shortfall and suggests ways to avoid it in the 20-page “The 2023-24 Budget: California’s Fiscal Outlook.”

The document is released yearly around this time to help guide California lawmakers as they begin to put together budget proposals for the upcoming fiscal year.

Petek said the threat of a national recession and actions by the Federal Reserve played a hand in the report’s outlook, but the predicted numbers are not based on a recession occurring.

“Economic conditions are really weighing on the revenue estimates that are a major influencer of our fiscal output,” Petek said. “With elevated inflation that causes the Fed to have to take action to cool down the economy in its effort to bring down inflation. The longer and the higher inflation remains, the more aggressive the Fed has to be. And the more aggressive the Fed has to be, it really increases the risk that the economy will fall into a recession. So, that being said, our revenue estimates do not assume a recession.”

California taxes wealthy people more than other states, so most of the revenue decline is because the rich aren’t making as much money as they used to. The report details that California could see deficits between $8 billion to $17 billion in the following years.

Less spending on large, one-time allocations is one way the state can offset the revenue losses it is expected to experience.

In response to the LAO budget prediction, Assembly Speaker Anthony Rendon (D-Lakewood) said the state has budget resiliency — $37.2 billion in reserves.

“We can and will protect the progress of the recent year’s budgets,” Rendon said. “In particular, the Assembly will protect California’s historic school funding gains, as districts must continue to invest in retaining and recruiting staff to help kids advance and recover from the pandemic.”

State Senate Pro Tempore Toni Atkins (D-San Diego) said that in the past, the dreary budget forecast would have meant program cuts and middle-class tax increases.

“That does not have to be the case this year,” Atkins said. “Thanks to our responsible approach, we are confident that we can protect our progress and craft a state budget without ongoing cuts to schools and other core programs or taxing middle class families. The bottom line is simple: we are prepared to hold onto the gains we’ve made and continue where we left off once our economy and revenues rebound.”

Petek recommended that legislators not look to the reserves to solve the budget paucity when they begin formulating the state spending plan in early 2023.

“It would be prudent to try and identify other solutions in the early part of the budget period, and then if and when we have a lot more information about the economic situation — if revenues have deteriorated for example or if there were a recession, we are certainly not saying don’t use the reserves,” he said. “We are saying, keep them on hold and you have them to turn to in that situation if the picture has gone south in May. You have the reserves that we can tap into to really help supplement the other solutions identified earlier in the process.”

Republican Assemblymember Vince Fong (R-Bakersfield) said the report is a wakeup call.

“California’s economy is weakening, and now with persistent inflation, the revenue that is coming into the State of California is coming in way below projection,” Fong said. “As someone who has been on the budget committee for a number of years, we have been warning about this. The ruling party in Sacramento continues to spend and grow government programs without any accountability and the budget is completely unsustainable. We have to refocus on fiscal responsibility.”

LAO’s budget forecast comes on the heels of Gov. Gavin Newsom and the Democratic-controlled Legislature estimated $97 billion surplus that led to the expansion of Medi-Cal eligibility to all immigrants in 2024, a boost in the earned income tax credit, and free preschool for 4-year-olds.

A relief package, priced at $17 billion, to help families, seniors and low-income Californians and small businesses was also approved in June by lawmakers.

The surplus is gone once a budget is passed, according to the LAO, so the fiscal outlook provided to legislators assumes that current state laws and policies will remain in place.

“We make adjustments for caseloads and things that influence the budget expenditures, but if you keep the same policies what would your budget picture look like?” Petek said. “That is what we are trying to tee up for them as they await the governor’s proposal.”

The post Golden State Could have $25 Billion Deficit in 2023-24 Fiscal Year first appeared on Post News Group. This article originally appeared in Post News Group.

The post Golden State Could have $25 Billion Deficit in 2023-24 Fiscal Year first appeared on BlackPressUSA.

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NFL: Week Two Recap | Jalen Hurts did not fold; Caleb Williams exits game with injury

Philadelphia Eagles quarterback Jalen Hurts found Darius Cooper with nine seconds left for the game winning touchdown as his team beat the Tennessee Titans 24-20 in Nashville. Hurts finished the day 26/37 for 264 yards. He threw for two touchdowns and two interceptions. Prior to the final drive, the Eagles ran 25 plays for 45 […]
The post NFL: Week Two Recap | Jalen Hurts did not fold; Caleb Williams exits game with injury appeared first on BlackPressUSA.

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1 week ago

September 20, 2026

Oakland Post

Prior to the final drive, the Eagles ran 25 plays for 45 yards. During the final drive Hurts went 6-8 with 61 passing yards and the touchdown. Titans defensive tackle — and team captain — Jeffery Simmons said this week that the way to defend Jalen Hurts is to make him “play quarterback.”

Hurts said to Simmons after today’s game: “You started that sh**. I had to finish it.”

Running back Saquon Barkley suffered a stinger in the first half but he ultimately finished the game. He had four carries and nine yards and one catch for eleven yards. He will get an MRI for his injury, but admitted to Cameron Wolfe of the NFL Network he was fine.

Caleb Williams leaves game against Vikings with apparent lower-body injury

Chicago Bears quarterback Caleb Williams was helped off the field with a right leg injury with 7:42 remaining in the fourth quarter. Williams was down, writhing in pain after scrambling to his left. After departing the injury tent, Williams raised his right fist, acknowledging the crowd while expressing his frustration. Testing will commence on Monday to find out more details about his injury.

“We’ll know tomorrow,” Johnson admitted regarding Williams’ injury. “He’s in good spirits. He’s a team player.”

Williams finished the day with 138 passing yards and one interception.

“I’m actually happy it’s nothing with the knee — that was my first inclination,” Johnson said. “But, a hamstring could be pretty damaging as well. So, we’ll see. We’ll see how bad it is tomorrow and we’ll go from there.”

Bryce Young once again dominated the Falcons

Carolina Panthers quarterback Bryce Young is 5-1 against the Atlanta Falcons and is undefeated at Mercedes-Benz Stadium. Today, Young threw for 287 yards and three touchdowns as he led the Panthers to a 34-3 dismembering of the Atlanta Falcons. Georgia Tech alumnus Darren Waller caught two touchdowns and linebacker Devin Lloyd returned one of his two interceptions for a touchdown.

Cooper Rush started his second straight game for the Falcons and it did not go well. The partisan crowd voiced their displeasure after Rush completed 10/17 passes for 86 yards and two interceptions. Jack Strand entered the game for Rush prompting cheers from the Falcons fans. The rookie threw a pick-six on his first career pass attempt. Strand was the first QB to accomplish that feat since Sam Darnold in 2018 and is the first Falcons player to do that since Brett Favre in 1991. Strand finished the day with 59 passing yards and 16 rushing yards.

According to reports, quarterback Michael Penix, Jr. is expected to make his season debut this Thursday at the Green Bay Packers. His return should help the Falcons. They are the first team since the 2008 Rams to not run any plays in the red zone after the first two games to open a season.

The bright spots for the Falcons today were the Spelman College Jaguarettes performing with the Falcons cheerleaders and Florida A&M’s marching band, The Marching 100, also performed during halftime!

Jayden Daniels gets carted off after apparent arm injury

Washington Commanders quarterback Jayden Daniels appeared to injure his left elbow on the final play of the first half in his game against the Dallas Cowboys. During the play, Daniels got stepped on, braced himself for the fall, and his elbow bent the wrong way. Daniels draped a towel over his head as he exited the field on the cart.

He was later ruled out.

Daniels suffered a dislocated elbow to the same arm during week nine of last season against the Washington Commanders, which led to him being shut down for the remainder of the season.

The post NFL: Week Two Recap | Jalen Hurts did not fold; Caleb Williams exits game with injury appeared first on BlackPressUSA.

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The Complete Negotiation Framework — Every Stage, Every Tactic, Every Win

Master the complete vehicle-purchase negotiation framework with Roosevelt Gist and Roosevelt. Learn every stage, tactic, and win!
The post The Complete Negotiation Framework — Every Stage, Every Tactic, Every Win appeared first on BlackPressUSA.

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1 week ago

September 20, 2026

Oakland Post

Negotiation framework stages, tactics, and winning strategies from AutoNetwork

Roosevelt Gist and Roosevelt deliver the complete vehicle-purchase negotiation framework in Episode 8 of The Color of Our Money Is Green. This episode covers the three foundations of every effective negotiation, the full seven-stage negotiation sequence with exact language for every stage, and five of the most common dealership tactics with the specific response each one requires.
What You Learn in This Episode:
The three foundations that make every negotiation tactic work
The complete seven-stage car-buying negotiation sequence
Exact language for every stage of the dealership conversation
Five common dealership tactics — the turnover, the four-square, the packed payment, spot delivery, and forced add-ons — and how to counter each one
Why signing preliminary paperwork isn’t the same as signing the final contract
___________________________________________________________________
“The Color of Our Money Is Green: A Buyer’s Guide to What Cars Actually Cost” — stan.store/RGist
____________________________________________________________________
AutoNetwork helps serious car shoppers inspect any new vehicle online before walking into a dealership. I’m Roosevelt — I’ve been reviewing cars and shaping digital car buying and credit union auto leasing since before YouTube car reviews existed.
You’ll find detailed walkaround reviews, POV test drives, and buyer-focused breakdowns covering comfort, space, features, and real-world value.

How to use the channel:
Watch the walkaround of the car you’re considering
Visit AutoNetwork.com for the full review
Check CouponsOffersAndDeals.com for current dealer specials
Walk in already knowing what you want — and what it should cost

AutoNetwork.com
CouponsOffersAndDeals.com
Affiliate disclosure: some links earn a small commission at no cost to you and help support the channel. Insta360 is one of those partners.

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Mazda CX-90 Luxury: Heated Seats & Premium Comfort! #shorts

Stay toasty in the CX-90! Plush Nappa leather, heated/ventilated seats, and a memory-equipped heated steering wheel deliver ultimate luxury.
The post Mazda CX-90 Luxury: Heated Seats & Premium Comfort! #shorts appeared first on BlackPressUSA.

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1 week ago

September 20, 2026

Oakland Post

Mazda CX-90 interior with heated seats offering premium comfort.

Experience ultimate comfort in the CX-90. Nappa leather, heated/ventilated seats, 8-way power adjustments, and memory settings for both front passengers. The heated steering wheel with memory tilt/telescope adds premium convenience.

Watch the full video: https://youtu.be/EH5A4eQ4ipY