With the state facing a budget deficit of $73 billion, according to the nonpartisan Legislative Analyst’s Office, California Gov. Gavin Newsom and Democratic party members released details of a plan to cut more than $17 billion in spending.
“I thank our legislative leaders for their partnership in taking this major step to address the shortfall with a balanced approach that meets the needs of Californians and maintains a strong fiscal foundation for the state’s future,” Mr. Newsom said in an April 4 press release.
“We are able to meet this challenge thanks to our responsible fiscal stewardship over the past years, including record budget reserves of close to $38 billion.”
The agreement was reached following weeks of revisions to a proposal laid out by Democratic lawmakers in the Senate in March. The plan will be considered by the Legislature’s budget committees in the coming days and could see a vote by the Assembly and Senate as early as April 11, according to the governor.
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