Gov. Gavin Newsom has signed California's budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses.
Gov. Gavin Newsom on Saturday signed California's budget to close an estimated $46.8 billion deficit through $16 billion in spending cuts and temporarily raising taxes on some businesses.
"This is a responsible budget that prepares for the future while investing in foundational programs that benefit millions of Californians every day," Newsom said in a statement. "Thanks to careful stewardship of the budget over the past few years, we're able to meet this moment while protecting our progress on housing, homelessness, education, health care and other priorities that matter deeply to Californians.
But those revenue spikes did not last as inflation slowed the economy, contributing to rising unemployment and a slowdown in the tech industry that has driven much of the state's growth. The Newsom administration then badly miscalculated how much money California would have last year after a seven-month delay in the tax filing deadline.
Signs 2024 State Budget Close Deficit Spending Cuts Temporarily Raising Taxes Timely 15014117
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