California Gov. Gavin Newsom released his budget plan for the year, saying California is staring down a $12 billion deficit.

Overall, the US government posted a $258 billion budget surplus for April, up 23%, or about $49 billion, from a year earlier.

HUNDREDS OF CITY WORKERS on Wednesday used their lunch break to rally in front of San Francisco City Hall, urging Mayor Daniel Lurie not to cut funding to certain city departments amid a projected upcoming budget deficit of over $800 million.

Adding 2 percent of G.D.P. to the budget deficit would add a substantial amount to its twin, the trade deficit (broadly defined, or what economists call the “current account deficit”), taking it toward 6 percent of G.D.P. from 4 percent, with the exact increase depending on a number of other moving pieces in the economy.

RELIEF following the tariff war de-escalation looks set to be quickly replaced by government budget tensions. Alarms are ringing loudly as the United States hits a historic debt metric even as the administration is seeking to extend tax cuts.

Those with budget planning said cost reductions could impact support to students, campuses and classrooms. So to minimize those impacts, they suggest the board pursue new revenue sources. These could include expanding facility rentals, increasing grant seeking efforts, or introduce new levy.

With Burlington facing an $8M deficit in this year's fiscal budget, Mulvaney-Stanak said she made the difficult decision to cut 25 positions as part of a cost-saving strategy and to avoid raising taxes on residents.

U.S. tariff revenue hit a record $16.3 billion in April, easing the budget deficit rate as President Donald Trump's sweeping tariffs took hold.