California Lawmakers Propose Plan to Tackle Massive Budget Deficit

The proposal includes significant program cuts and the use of rainy day funds to bridge the gap.

California lawmakers have proposed a plan to address the state's significant budget deficit, which ranges from $38 billion to $73 billion, depending on projections.
The plan includes $17 billion in program cuts and the use of $12.2 billion from the state's rainy day fund, as proposed by Governor Gavin Newsom.
Democratic Senators Mike McGuire and Scott Wiener spearheaded the proposal, aiming to reduce the deficit to a more manageable $9 billion to $24 billion.
The Legislative Analyst’s Office has suggested additional measures, including the closure of five state prisons to save $1 billion.
Governor Newsom and legislative leaders are expected to finalize the budget by late June, with further adjustments possible until September.