Facing Big Deficit in California, Newsom Proposes Billions in Cuts in Revised Budget

Published on May 11, 2024

California Gov. Gavin Newsom presented a revised budget for the upcoming 2024-25 fiscal year May 10 including about $32.8 billion in spending cuts spread across the next two years after state revenues failed to meet expectations. The governor suggested the deficit is $27.6 billion, though that figure was calculated by subtracting $17.3 billion in solutions included in a “budget bill junior” signed into law in April. The new budget—known as the May Revision—includes about $15.3 billion in other changes, including funding for schools. The California state legislative offices in Sacramento, Calif., on Aug. 29, 2023. (John Fredricks/The Epoch Times) Uncertainty about how large the deficit is has persisted since January, when the governor indicated it was $38 billion, while the nonpartisan Legislative Analyst’s Office estimated a $73 billion shortfall in February....

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