California Gov. Gavin Newsom grapples with a large budget shortfall, adjusting projections as the state faces a $38-73 billion deficit. Lawmakers already agreed on reducing $17.3 billion with budget fixes.
In 2020, amidst the pandemic, California confronted a $54 billion deficit, which was mitigated through budget adjustments without deep cuts. The economic downturn turned a projected surplus into a significant deficit.
Newsom's challenge of balancing the budget in the current fiscal year is described as the steepest hill to climb in four years, showcasing the critical nature of the decisions ahead.
With the state's economy ranking as the fifth largest globally, Newsom's handling of this budget shortfall will be scrutinized closely, given the impact it holds for California and its residents.
[
add
]
[
|
|
...
]