Balancing act: Newsom’s plan to cover California’s ballooning budget deficit
California’s estimated budget deficit has grown by $9 billion since January, Gov. Gavin Newsom announced today, though the governor downplayed the severity of its potential impact on critical government services and programs.
During a press conference at the California Natural Resources Agency in downtown Sacramento, Newsom unveiled a revised spending plan that will rely on some additional fiscal moves — including shifting funding sources and internal borrowing — to address a projected $31.5 billion gap in the 2023-24 state budget.
“We have a $31.5 billion challenge, which is well within...