If saved by the Supreme Court, the tariffs are also expected to shrink the economy and cause inflation to spike.

Having been burned badly by his phantom surplus in 2022, Newsom is obviously aware that a repeat would be politically ...

The federal budget deficit totaled $1.7 trillion in Calendar Year (CY) 2025, according to estimates from the Congressional Budget Office (CBO). The deficit in CY 2025 is $369 billion less than the ...

Stronger-than-expected revenues mean California Gov. Gavin Newsom's $348.9 billion budget needs to close a ...

The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data ...

California's deficit is projected to reach nearly $18 billion next year, as spending is expected to offset, if not eclipse, strong tax revenues.

Republicans pushed back against Governor Gavin Newsom's budget, with one state senator calling it "dangerously optimistic." ...

In the four months since the Legislature and Gov. Gavin Newsom enacted a new state budget, revenues — primarily from personal income taxes — have outstripped expectations by several billion dollars.

In his proposed budget, California Gov. Gavin Newsom is predicting a shortfall of $2.9 billion. That's much less than the $18 ...