California Budget Deficit 2025

California Budget Deficit 2025. Gavin newsom is the state budget deficit — and it just got bigger. Today, the legislative analyst’s office projected the shortfall as $15.

This report provides an update on the size of the state deficit based on our recent revenue projections and provides options for the legislature to address that larger deficit. Gavin newsom released last week contains hundreds of spending reductions and other actions to close what he says is a $44.9 billion deficit.