The Congressional Budget Office slashed its estimate of longer-term US fiscal savings from President Donald Trump’s tariff hikes by $1 trillion, in a move that may deepen concerns about American borrowing needs.

The last time California faced a $35 billion money problem was in 2011, when then-Gov. Jerry Brown declared a "wall of debt" consisting of loans and deferred payments. But that was as California recovered from the Great Recession, said Legislative Analyst Gabriel Petek.