Newsom's Budget Cuts

Gov. Gavin Newsom unveiled his revised proposed 2024-25 state budget at 11 a.m. today — and legislators, advocates and lobbyists are all bracing for likely deep spending cuts to bridge a big deficit. His plan will account for updated tax revenue data through April. In his initial budget proposal in January, Newsom projected the— affects nearly every policy decision legislators make.

His plan will account for updated tax revenue data through April. In his initial budget proposal in January, Newsom projected theHow are revenues working out so far? According to Assembly budget advisor Jason Sisney, general fund revenues at the end of March.

Newsom: “We will manage it, and without tax increases. We’re not just going to try to solve for this year, but also next year. We have to be more disciplined.”— affects nearly every policy decision legislators make. To get a jump start, Newsom and Democratic legislative leaders announced in March thatbefore passing the full state budget in June.

The package included cuts to various programs; deferring or delaying spending ; and increasing revenue or borrowing, including a $4 billion: The Legislature must pass a budget by June 15 or members won’t get paid. Lawmakers and Newsom then have until July 1 to agree on a final 2024-25 spending plan. Budget negotiations, however, can last all the way through September with trailer bills — follow-up proposals that iron out specific programs in the main budget.

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