Newsom unveiled his revised budget, covering the current fiscal year, the 2024-25 year and 2025-26, and tabbed the deficit at $44.9 billion through 2024-25. He estimated an additional $28.4 billion in 2025-26, totaling $73.3 billion.
Over four years, revenues have fallen $165 billion short of estimates. The state has become overwhelmingly dependent on personal income taxes, leading to deep revenue declines and multibillion-dollar deficits.
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