California faces $32 billion budget deficit, Newsom proposes cuts to transit funding.
TL;DR
California's budget deficit has increased to almost $32 billion, which is $10 billion more than what Governor Gavin Newsom predicted in January. The deficit is due to high inflation and a decision to let most people delay filing their taxes because of winter storms. California is one of the only states to have a shortfall this year, mostly because its progressive tax code relies on wealthy taxpayers whose income is closely tied to the performance of the stock market. Newsom's proposal includes roughly $10.6 billion in spending cuts and shifting expenses, taking some money from the state's safety next reserve and borrowing.
- California’s Gov. Newsom says state’s budget deficit has grown to nearly $32 billion PBS NewsHour
- Gov. Newsom says state's budget deficit has grown to nearly $32 billion KTVU FOX 2 San Francisco
- Gov. Newsom announces $32 billion budget deficit, $10 billion more than previously estimated Fox News
- Takeaways from Gavin Newsom's California budget proposal KCRA 3
- Newsom Proposes Cutting Transit Funding as Systems Beg for Cash Bloomberg
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