California Sees Its Surplus Evaporate With $54 Billion Deficit

Source: Bloomberg Business - View Original Article
Published: May 07, 2020
Category:
Bias Rating:

51% Liberal


Bias Score Calculation:


Policies:

Taxes

Sentiments

90% "We can't do this without the federal government.""
79% "California is projecting a $54 billion budget deficit through June 2021 and said the unemployment rate will reach 18% this year as the pandemic ..."
65% "The size of the shortfall, equivalent to roughly one third of its annual spending, marks a stunning reversal for a state that in January ..."
63% "Newsom is scheduled to present a revised budget from his initial January proposal on May 14.""
59% "State revenues have fallen off the cliff in weeks, not months, Governor Gavin Newsom said at a briefing Wednesday.""
56% "We really need federal leadership.""
55% "The May Revision forecast projects that the impact of these economic losses will be disproportionately borne by low- and middle-income Californians, according to the ..."
52% "Personal income tax-collections will drop by 25.5%; sales and use taxes by 27.2% and corporation taxes by 22.7% for the year beginning in July, ..."
50% "The massive shortfall shows the severe financial toll ahead for state governments, who have seen tax revenue decimated as more than 33 million Americans ..."
-74% "Instead, state officials will now have to contend with major sources of revenue plummeting.""

We have listed the top 10 sentiments. More sentiments do exist. Please review the full article for more information.



*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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Contributing sentiments towards policy:

90% : "We can't do this without the federal government.
79% : California is projecting a $54 billion budget deficit through June 2021 and said the unemployment rate will reach 18% this year as the pandemic and related shutdowns slam the economy of the most populous U.S. state.
65% : The size of the shortfall, equivalent to roughly one third of its annual spending, marks a stunning reversal for a state that in January was expecting to build up its rainy day fund to more than $18 billion and was considering new services, such as for children's education and the homeless.
63% : Newsom is scheduled to present a revised budget from his initial January proposal on May 14.
59% : "State revenues have fallen off the cliff in weeks, not months," Governor Gavin Newsom said at a briefing Wednesday.
56% : We really need federal leadership."
55% : "The May Revision forecast projects that the impact of these economic losses will be disproportionately borne by low- and middle-income Californians," according to the finance department release.
52% : Personal income tax-collections will drop by 25.5%; sales and use taxes by 27.2% and corporation taxes by 22.7% for the year beginning in July, according to the state's finance department.
50% : The massive shortfall shows the severe financial toll ahead for state governments, who have seen tax revenue decimated as more than 33 million Americans were thrown out of work over the past two months and the retail economy was virtually shut down.
26% : Instead, state officials will now have to contend with major sources of revenue plummeting.
24% : That's left governors of both parties pushing for $500 billion of aid from Washington to avoid steep budget cuts and layoffs that would exert a drag on the economic recovery.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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