May 12, 2023

California Deficit Expands to $31.5 Billion, Newsom Proposes Broad Spending Cuts in Revised Budget

California Gov. Gavin Newsom announced proposed revisions to the state’s 2023–24 fiscal budget on May 12 during a press conference at the state Capitol, with an additional $9 billion deficit added to prior estimates. Uncertainty was a key talking point ...