The revised budget projects revenues much higher than what Newsom’s original budget predicted in January, which the Legislative Analyst’s Office agreed are much higher than expected.
The state has had to cut down on spending across a variety of sectors to make up a $1.5 billion budget shortfall that has largely come about from low estimates on the cost of programs.
The entire San Francisco-to-Los Angeles segment is projected to cost $126.2 billion, well over the $9.95 billion bond that passed in 2008.
Recently released data from the Education Department showed that by the end of last year, 7.7 million borrowers had defaulted on $181 billion in federal student loans.
On average, Maryland residents have the largest student loan debt balance in the country.
About half of the country’s federal budget goes toward the fight in Ukraine, money that does little to support its long-term development.
An additional $7 billion in debt has been proposed statewide, according to the report. Local governments in California, additionally, have taken on $71.3 billion in local debt.