California Faces $68 Billion Budget Deficit, Largest in State History as Economic Downturn Hits State Revenue
• California facing record $68 billion budget deficit, largest in state history
• Deficit driven by economic factors like declining home purchases & hiring, reduced tax revenue
• Other states like MD, AK, IL, MN also facing deficits
• Majority of states ended 2023 fiscal year with budget surplus, 46 exceeded revenue estimates
• States utilizing surpluses in various ways like paying debt, education investment, tax cuts