Newsom and legislators implicitly assume that at some point revenues will increase enough to cover their spending and pay off ...

The state has adopted the same hide-the-pea approach to budgeting that the federal government employs, one that has resulted in trillions of debt.

To help fill the budget deficit, Newsom and lawmakers agreed to shift some funding from Proposition 4, a $10 billion climate bond approved by state voters in November, and from the proceeds of the ...

California’s budget deficit has soared to nearly $32 billion, Gov. Gavin Newsom said Friday as he announced a plan that would cover the shortfall this year while potentially leaving the state ...

The deficit is part of Newsom’s overall proposal for a $306 billion budget, by far the largest state budget in the nation. California is one of the only states to have a shortfall this year.

Just days into his second term, Gov. Gavin Newsom announced Tuesday that California faces a projected budget deficit of $22.5 billion for the coming fiscal year.

On Wednesday, Gov. Gavin Newsom introduced a 2024-25 budget that assumes a $37.9 billion deficit, while chiding news media for repeating analyst Gabe Petek’s projection, saying they are ...

By TRÂN NGUYỄN. California Gov. Gavin Newsom has proposed a $322 billion budget without a deficit, a welcome change after two years of significant budget shortfalls in the nation’s most ...

California faces an additional $12-billion budget deficit, Newsom says . May 14, 2025. Newsom claims Trump’s tariffs will reduce California revenues by $16 billion . May 13, 2025.

Newsom unveiled a $288 billion budget for the 2024-2025 fiscal year earlier this month, outlining billions in cuts and funding delays to bridge a deficit that grew by at least $7 billion since the ...

The deficit is part of Newsom's overall proposal for a $306 billion budget, by far the largest state budget in the nation. California is one of the only states to have a shortfall this year.