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California Digs a Deep Budget Hole

November 29, 2025

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The Wall Street Journal

Even as revenues soar, the state faces large looming shortfalls.

California Gov. Gavin Newsom is fond of exultant press releases, and there’s no doubt Silicon Valley is prospering amid the AI boom. But here’s something you won’t hear him talk about: The state is facing huge budget deficits despite an ebullient

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