$55 Billion Deficit Looms Over State’s Budget – California Audit Reveals: Financial Crisis Deepens!

Golden State’s Mounting Debt Reveals $55 Billion Deficit Despite Including All Financial Resources

State’s Ballooning Debt Reveals a $55 Billion Deficit as California Struggles to Catch Up on Financial Obligations

California has financial problems. They just released their money report for last year but it was really late. The report says California lost $29 billion because of fake unemployment claims during COVID. They also owe $256 billion more than they have. Even after counting all the money they have they still owe $55 billion more than that.

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$55 Billion Deficit Looms Over State’s Budget – California Audit Reveals: Financial Crisis Deepens! (PHOTO: Reuters)

California’s Growing Debt Crisis- Addressing Budget Deficit and Emergency Funding Amid Uncertainty

Even though the stock market did well and lots of new jobs appeared California still spent more money than it made last year. People are worried because California now has a $73 billion debt for the next year. To fix this the government wants to cut some spending and use half of the money saved for emergencies. But the delay in releasing the money report makes it hard for everyone to understand how bad the situation is. Without knowing all the details it’s tough to figure out what to do next.

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