The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - Instead, the gains appear largely tied to the booming stock market, a situation which can change rapidly and without warning. The  administration appears to share some of these concerns, noting recent job losses among high ‑wage workers and the risks posed by the inherent volatility of tax receipts tied to stock market gains.
https://lao.ca.gov/Publications/Report/4951

Considering Medi-Cal in the Midst of a Changing Fiscal and Policy Landscape

Oct 24, 2025 - This gain, however, likely reflects an exuberant stock market, with the rest of the economy appearing fragile. With the federal legislation now finalized and the state already projected to have ongoing deficits, the Legislature likely cannot cover all of these cos ts from existing General Fund resources while maintaining the current level of service in the Medi ‑Cal program.
https://lao.ca.gov/Publications/Report/5083