Why California’s Budget Deficit Is Snowballing: Legislative Analyst | Gabriel Petek

California Insider

Siyamak sits down with Gabriel Petek, California’s legislative analyst. He shares with us why California is facing such a huge budget deficit and how it may last a few more years. He also shares what it will take to solve this budget crisis.

“A couple of years ago, we had a $100 billion surplus, and we heard about these big numbers. Now, we’re estimating that we currently face a $68 billion budget deficit. The governor’s office also identifies about $30 billion in annual deficit,” Mr. Petek said. “In order to solve that problem, we would need $50 billion in higher revenues.”