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California’s Budget Crisis: Newsom Proposes Cuts to Tackle $37.9-Billion Deficit

Economy

California’s Budget Crisis: Newsom Proposes Cuts to Tackle $37.9-Billion Deficit

Budgetary Strain Unveiled: The $37.9-Billion Challenge In the face of a considerable $37.9-billion budget deficit, California finds itself grappling with the aftermath of weaker-than-expected state revenues, overspending based on inaccurate budget projections, and delayed tax deadlines. Governor Newsom’s new deficit estimate, more than double the previous shortfall

lock-1 By Max Bailon, Angel Arias