Financial advisers to California Governor Gavin Newsom estimate California will face a budget deficit of $54.3 billion due to drop in revenue and increase in expenses from the coronavirus pandemic.

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  • California went from a surplus to a deficit in a matter of weeks due to the coronavirus shutdown.
  • The projections cover the period up to end of June 2021.
  • The state projects unemployment will reach 18% in 2020, more than the 12.3% seen in 2010 during the Great Recession.
  • Newsom told reporters, “This is bigger than all of us and we really need the federal government to do more.”