California Projects $54.3 Billion Budget Deficit Due To COVID-19

California faces a projected $54.3 billion budget deficit due to the COVID-19 pandemic, with a $41.2 billion drop in revenue and an 18% unemployment rate. The legislative analysis predicts budget deficits until 2024, averaging $30 billion annually. The state is under a stay-at-home order, leading to business closures and over 4 million unemployment claims. Governor Newsom emphasizes the need for federal support to address revenue shortfalls. An updated spending plan is expected, potentially including significant cuts to public education.

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