Gov. Gavin Newsom is proposing budget process changes to adjust for the volatility of depending on taxable earnings by wealthy Californians. that Gov. Gavin Newsom released last week contains hundreds of spending reductions and other actions to close what he says is a $44.9 billion deficit.
The new budget takes a stab at answering the question, basically saying that revenues fell well short of projections. “The total difference across the four fiscal years is a negative $165.1 billion,” the new budget declares.
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