Ca Deficit 2025. In january, newsom said the deficit was nearly $38 billion. This report provides an update on the size of the state deficit based on our recent revenue projections and provides options for the legislature to address that larger deficit.

Hypothetically speaking, even using all the reserves and cutting spending by $18 billion would still leave a deficit of over $30 billion. This report provides an update on the size of the state deficit based on our recent revenue projections and provides options for the legislature to address that larger deficit.