California budget is $12 billion in the red amid Trump tariffs and rising costs
Economy And Jobs,California,Donald Trump,Gavin Newsom,Inflation,Deficit
From the Center
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Gov. Gavin Newsom today announced that California is facing a $12 billion budget deficit, spurred by soaring costs for social services as the state’s economy teeters from President Donald Trump’s chaotic tariffs strategy.
Unveiling his revised $322 billion spending plan, Newsom repeatedly blamed the tariffs for undermining key industries and eroding financial markets that are crucial to California’s fiscal health — a “Trump slump” that he forecasts will reduce tax revenues by billions of dollars next year.
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