California lawmakers have decided to reduce spending by $17 billion in response to a growing budget deficit. Governor Gavin Newsom is taking preemptive action to address the shortfall, which is expected to continue into the future. This comes after a period of surpluses and government expansion in Newsom's first term.
California lawmakers don't know for sure how big their budget deficit is, but on Thursday they decided it's big enough to go ahead and reduce spending by about $17 billion. The vote represents a preemptive strike from Democratic Gov. Gavin Newsom , who is trying to get ahead of a stubborn shortfall that has been increasing every month and will likely extend into next year and beyond — when the second-term governor could be eyeing a campaign for the White House .
We're not going to solve this problem anymore by just stopping one-time spending,' Democratic Assemblymember Cottie Petrie-Norris said.
California Lawmakers Budget Deficit Spending Reduction Gavin Newsom Shortfall Campaign White House Surpluses Government Services Growth Deficit
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 lawmakers propose plan to slash $73 billion budget deficit using Newsom’s ‘rainy day funds’California Democratic lawmakers proposed a plan to help tackle the state's massive budget deficit, which would use Gavin Newsom's proposal to dip into reserves.
Read more »
California lawmakers vote to reduce deficit by $17 billion, but harder choices lie aheadCalifornia lawmakers have voted to reduce the size of the state's deficit
Read more »
California lawmakers vote to reduce deficit by $17 billion, but harder choices lie aheadCalifornia lawmakers have voted to reduce the size of the state's deficit. The state Legislature on Thursday approved legislation that takes a number of steps to reduce the deficit by about $17 billion. Gov. Gavin Newsom has said the deficit is about $38 billion. The nonpartisan Legislative Analyst's Office says it could be as much as $73 billion.
Read more »
Gov. Gavin Newsom faces reckoning with $73B budget deficit lawmakers say he helped createDemocratic California Gov. Gavin Newsom must reconcile the state's $73 billion deficit by the end of June, according to the state constitution.
Read more »
Newsom, legislators opt for gimmicks and wishful thinking to close California’s budget deficitThe deficit is a gut-check for Newsom and legislators.
Read more »
Newsom, legislators opt for gimmicks and wishful thinking to close California’s budget deficitCalifornia faces a multibillion-dollar budget deficit but Gavin Newsom and legislative leaders are using gimmicks to close the gap.
Read more »