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Five Billion Dollars Off: California Officials Admit They Botched Deficit Estimate By Billions

In an update to California’s fiscal 2026-2027 budget outlook Wednesday, a new report released by the state’s nonpartisan Legislative Analyst’s Office admitted it botched the deficit estimate by roughly $5 billion. LAO’s legislative analyst Gabriel Petek, who leads the office of budget and policy watchers for the state legislature, gave...

In an update to California’s fiscal 2026-2027 budget outlook Wednesday, a new report released by the state’s nonpartisan Legislative Analyst’s Office admitted it botched the deficit estimate by roughly $5 billion. LAO’s legislative analyst Gabriel Petek, who leads the office of budget and policy watchers for the state legislature, gave…

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