After two years of budget surplus, the state of will likely face a $25 billion budget deficit next year driven primarily by high and a weakened economy.The 2023-2024 fiscal year deficit projection comes despite a projection in May that forecast a surplus of just under $100 billion for the current fiscal year. The predicted shortfall comes from the nonpartisan Legislative Analyst's Office. Their indicates that California may be heading for its weakest yearly performance since the Great Recession.
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