Gov. Gavin Newsom and Democratic lawmakers in California announced an agreement Thursday to cut the state's massive budget deficit by $17.3 billion.
Though the state’s exact budget deficit is uncertain, the Legislative Analyst Office reported it was $73 billion earlier this year, while Newsom says it’s $38 billion. In any case, lawmakers have found a way to begin filling the shortfall after state Senate leaders proposed a “The agreement proposes $3.6 billion in cuts to areas of welfare, climate programs, and some schools. It also maps out $5.2 billion in delays and deferrals, including public transportation.
Another $3.4 billion in expenses will be covered by state funds instead of the general fund and $5.2 billion in revenue and borrowing, the “We are able to meet this challenge thanks to our responsible fiscal stewardship over the past years, including record budget reserves of close to $38 billion. There is still work to do as we finalize the budget and I look forward to the work ahead together to continue building the California of the future,” Newsom said in ain a statement. “California’s budget has major league problems and Newsom is proposing JV solutions.
Newsom is expected to present a revised budget sometime in May, and lawmakers will pass the budget by June 15, according to the
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California Announces $17 Billion Budget Cut to Tackle DeficitCalifornia Gov. Gavin Newsom and leaders of the state Senate and Assembly announced an agreement Thursday to cut $17 billion from the state budget in April, providing the first details of their plan to begin to tackle the state's massive deficit.
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