California Governor Unveils $297 Billion Budget With Cuts to Close $22.5 Billion DeficitGov. Gavin Newsom announced Jan. 10 a $297 billion budget proposal, with substantial cuts and delayed spending in various areas aiming to close California's projected $22.5 billion shortfall in the next fiscal year.
The proposed budget for the fiscal year 2023–24, which would start in July, would postpone and reduce funding for some programs, such as Newsom's climate measures and clean transportation initiatives, without compromising homelessness programs, health care, affordable housing, public safety, and education, the governor said. State law requires a balanced budget.
"We're in a very volatile moment," Newsom, a Democrat, said in a press conference. "Perhaps a moment I've never been in ... and few of us have never experienced, of uncertainty as it relates to our revenue picture."...
Source: California Governor Unveils $297 Billion Budget With Cuts to Close $22.5 Billion Deficit (https://www.theepochtimes.com/california-governor-unveils-297-billion-budget-with-cuts-to-close-22-5-billion-deficit_4985651.html)