Newsom finally aligns with Legislature’s gloomier budget outlook, blaming ‘massive volatility’

Gov. Gavin Newsom addresses the media during a press conference unveiling his revised 2024-25 budget proposal at the Capitol Annex Swing Space in Sacramento on May 10, 2024. Photo by Fred Greaves, CalMattersCalifornia Gov. Gavin Newsom unveiled a revised state budget that increases the projected deficit by billions of dollars and contained real cuts, something his initial version mostly lacked.

Likewise, the valleys have deepened, with this year’s massive deficit a prime example – and the revenue cycles bear only passing relationship to the overall economy.Newsom, like his predecessors, says that volatility could be tamed were the state to overhaul its revenue system and reduce its dependence on taxing the rich. But he, like the others, is obviously unwilling to do the heavy lifting that a tax reform would require.

Having acknowledged the much larger deficit, Newsom proposes two changes in the budgetary process to cope with the volatility factor: including future budgets in the annual calculations and not spending erratic revenue sources, such as capital gains, until they are realized.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

California's budget deficit is likely growing, complicating Gov. Gavin Newsom's plansCalifornia Gov. Gavin Newsom will update his budget proposal on Friday, and the news likely won't be good.
Source: KPBSnews - 🏆 240. / 63 Read more »

California's budget deficit likely growing, complicating Gov. Gavin Newsom's plansCalifornia Gov. Gavin Newsom will update his budget proposal on Friday, and the news likely won't be good.
Source: KPIXtv - 🏆 443. / 53 Read more »

California's budget deficit is likely growing, complicating Gov. Gavin Newsom's plansGov. Gavin Newsom will update his budget proposal on Friday, and the news likely won't be good.
Source: ABC7 - 🏆 67. / 68 Read more »

It’s time again for Gavin Newsom lingo bingoGov. Gavin Newsom unveils his revised 2024-25 state budget proposal today. Keep up with his catchphrases with CalMatters’ trademark game.
Source: CalMatters - 🏆 261. / 63 Read more »

Gavin Newsom’s top policy adviser to depart administrationJason Elliott was 25 years old when he joined Newsom in the San Francisco mayor’s office more than a decade ago.
Source: politico - 🏆 381. / 59 Read more »

Gov. Gavin Newsom is working on a memoir as he builds his image beyond CaliforniaAmbitious politicians often publish an autobiographical book as they explore whether to launch a presidential campaign. Will California's governor be next?
Source: latimes - 🏆 11. / 82 Read more »