#california-budget-deficit

#california-budget-deficit

The state budget's chronic gaps between income and outgo $125 billion over the last few years, according to the Legislature's fiscal advisor have left Gov. Gavin Newsom and legislators scrambling for ways to clean up the state's finances. Newsom has so far shunned new taxes to close the gap, even trying to sidetrack a tax on the assets of billionaires that may appear on the November ballot.

There are going to be policy fights this year in terms of how to close the deficit. We are at a point where we can't cut our way out of it.