California's large budget deficit looms for Gavin Newsom. Why it may be getting worseCalifornia Gov. Newsom facing larger budget deficit than projected, challenges in revising budget by May 14 due to lower tax receipts.
Gavin Newsom, California lawmakers cut $17 billion deal to shave looming state budget deficitCalifornia agreed on a plan to cut $17 billion from a $73 billion budget deficit.Legislators aim to finalize the budget by mid-June for the next fiscal year starting July 1.