Reported 12 months ago
California Governor Gavin Newsom signed the state's budget to address a $46.8 billion deficit by implementing $16 billion in spending cuts and temporarily raising taxes on certain businesses. The budget passed after an agreement between Newsom and legislative leaders, making compromises and concessions due to economic challenges. The deficit of $32 billion in 2023 worsened this year, prompting the need for adjustments in progressive policies. The budget aims to secure California's future by investing in essential programs while preparing for projected deficits. Newsom's handling of the budget is crucial as he navigates his national political aspirations and ongoing challenges in the state's economy.
Source: YAHOO