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California Lawmakers Close $47 Billion Deficit with $300 Billion Budget Deal

Jun 23, 2024, 08:54 PM

California lawmakers have reached a deal to close a state deficit estimated at $47 billion, paving the way for a nearly $300 billion budget next year. The budget deal, announced by Democratic Governor Gavin Newsom and lawmakers, includes cuts that could put Newsom at odds with staunch allies and temper his ambitious policy goals. This development comes two years after California's massive budget surplus was touted by Governor Newsom. The state's financial situation has swung dramatically, now presenting a nearly $50 billion shortfall that tests Newsom's ambitions and the state's commitment to its liberal agenda.