California legislative analyst projects deficit through 2024

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ADAM BEAM Associated Press SACRAMENTO (AP) — California's coronavirus-induced budget deficits will continue through at least 2024, the state's nonpartisan Legislative Analyst's Office said Friday, totaling up to $126 billion depending on the severity of the recession. The report from the Legislative Analyst's Office says state lawmakers can expect budget deficits of about $20 billion per year going forward — but that's only if the economy begins to recover this summer. If the downturn lingers into 2021, the deficits could average up to $30 billion per year. "It's not like this is a shock to the economy and a shock to the budget and then everything will go back to normal," Legislative Analyst Gabriel Petek said. "Our analysis suggests this is going to be a multiple-year problem."
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