"Newsom's Plan: Reserves and Cuts to Address California's $38B Deficit"
TL;DR
Governor Newsom outlines a plan to address California's projected $38 billion budget deficit, proposing $8.5 billion in cuts, delaying spending, and withdrawing $13.1 billion from reserves. The deficit projection is less dire than previously estimated, with Newsom assuming higher revenues than legislative analysts. The plan includes protecting investments in homelessness, mental health reform, and public safety, while facing criticism from Republican leaders for not acting earlier to reduce spending. The budget proposal will undergo revisions and evaluations by lawmakers before the June 15 deadline.
Topics:nationpolitics#budget-deficit#california#governor-newsom#legislative-analysts-office#politics#state-finances
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