California’s budget deficit increases to $68 billion

California’s budget deficit has skyrocketed to $68 billion mainly due to months of unexpectedly low tax revenues, according to a new analysis from the Legislative Analyst’s Office released on Thursday.

The latest deficit figure far exceeds the $14.3 billion estimate from June, according to Politico. The shortfall could potentially lead “Gov. Gavin Newsom and lawmakers to make spending cuts on a scale that few term-limited elected officials in Sacramento have faced” during the next legislative year, the report said.

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