Just two years ago, California had a budget surplus of more than $100 billion because of a surging stock market and a bounty of federal coronavirus aid. That came to an end last year as inflation slowed the economy down, resulting in a $32 billion deficit. This year, the deficit could be as large as $68 billion, according to the most recent estimate from the nonpartisan Legislative Analyst's Office.
The minimum amount California is required to spend on public schools has dropped by $16.7 billion over the past two years, according to the Legislative Analyst's Office. That means lawmakers could cut public schools.
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