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California's Budget Deficit Soars to $32 Billion, Transit Funding at Risk

1 min read
Source: Bloomberg
California's Budget Deficit Soars to $32 Billion, Transit Funding at Risk
Photo: Bloomberg
TL;DR

California Governor Gavin Newsom projects a budget deficit of $32 billion for the upcoming fiscal year, $9.3 billion more than his January estimate, due to the waning fortunes of the state's wealthiest residents and ongoing struggles with tech layoffs and banking turmoil. This marks the first time since Newsom took office in 2019 that the state's budget will swing into deficit.

Topics:nationeconomy#banking-turmoil#budget-deficit#california#economy#gavin-newsom#tech-layoffs
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  1. California's Newsom Sees Budget Deficit Deepening to $32 Billion  Bloomberg
  2. Gov. Newsom says state's budget deficit has grown to nearly $32 billion  KTVU FOX 2 San Francisco
  3. Gov. Newsom announces $32 billion budget deficit, $10 billion more than previously estimated  Fox News
  4. Newsom Proposes Cutting Transit Funding as Systems Beg for Cash  Bloomberg
  5. California faces $31.5B budget shortfall  KCRA 3

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