California's Budget Crisis: Newsom Proposes Drastic Measures to Address $45B Deficit
Governor Gavin Newsom unveils a revised budget plan featuring deep cuts and strategic deferrals to tackle California's escalating financial shortfall.
- Newsom's revised budget estimates a $44.9 billion deficit through 2024-25, prompting significant reductions in state spending.
- Proposed cuts include the elimination of 10,000 vacant state jobs and reductions across 260 state programs to manage the fiscal crisis.
- The budget plan also suggests using $4.2 billion from state reserves and introduces efficiencies such as deactivating prison housing units.
- Newsom advocates for a two-year budgeting approach to stabilize future financial planning amidst ongoing economic volatility.
- Despite the cuts, Newsom's plan aims to maintain essential services and projects a potential surplus by adjusting current and future budgets.
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