Democratic California Gov. Gavin Newsom must reconcile the state's $73 billion deficit by the end of June, according to the state constitution.
California Gov. Gavin Newsom has to reconcile a $73 billion budget deficit by the end of June, a problem some lawmakers and analysts say his 'mismanagement of state finances' helped create. In 2022, Newsom signed a $301 billion budget into law and boasted a $97 billion surplus. The budget, nearly triple what it was the prior fiscal year, included billions of dollars for climate change initiatives, homelessness and education. But two years later, the deficit has ballooned.
California saw its first-ever population decline in 2020, when the state imposed rigid lockdowns during the COVID-19 pandemic. From January 2020 to July 2022, the state lost well over half a million people, with the number of residents leaving surpassing those moving in by almost 700,000. Republican state Rep.
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