Report: California likely to have $25 billion budget deficit

Legislative Analyst Gabriel Petek, is seen with a copy of his office's analysis of the state's fiscal outlook for 2023-24, that was released on Wednesday, Nov. 16, 2022, in Sacramento, Calif. California will likely have a $25 billion budget deficit next year, ending a run of historic surpluses. (AP Photo/Rich Pedroncelli)

Report: California likely to have $25 billion budget deficit