California could face a $25 billion budget deficit in 2023–24, despite raking in a record-setting $98 billion budget surplus this year, according to an analysis that comes days after midterms election, in a state where the Democratic party enjoys a supermajority.
The federal government collected a record $318,576,000,000 in total taxes in October, the first month of fiscal 2023, according to the Monthly Treasury Statement released today.