California Legislature Approves Budget to Address $46.8B Deficit, Signed by Newsom

Jun 29, 2024, 10:34 PM

The California Legislature has approved a budget aimed at addressing a significant $46.8 billion deficit. The budget includes measures to slash spending and temporarily raise taxes on some businesses. On June 29, 2024, Governor Gavin Newsom signed the budget into law, ensuring funding for the upcoming year while tackling the substantial $46.8B financial shortfall.