California Governor Gavin Newsom and Democratic lawmakers have reached an agreement to address the state's budget shortfall, planning to implement a series of spending cuts and internal borrowing measures aimed at reducing the deficit by $17 billion. The deal, described as an 'early action plan,' involves borrowing $1.4 billion as part of the strategy to tackle the financial challenges. The Department of Finance (DOF), however, faced scrutiny for being unable to detail the ultimate cost to taxpayers of this borrowing during the initial budget hearing. Critics, including Rep. LaMalfa, have expressed skepticism about the state's fiscal management, particularly in light of Proposition 1, which allocates an additional $6 billion to unresolved budget issues. The California Assembly is expected to approve these measures on Thursday, despite concerns that these efforts may still be insufficient to fully mitigate the deficit.
California lawmakers plan Thursday to approve a series of spending cuts and internal borrowing tricks designed to reduce the state budget deficit by about $17 billion. And it won’t be enough. https://t.co/Bb4wLbc0Sa
California lawmakers plan Thursday to approve a series of spending cuts and internal borrowing tricks designed to reduce the state budget deficit by about $17 billion. https://t.co/z36NVNKDf5
Not shocked in the least that California can’t keep track of its spending and can’t get anything done. And now thanks to Newsom’s barely passed Prop 1, he’s going to throw another $6 Bil at the problem he can’t fix. https://t.co/WmHyglXoAD
📻 Gov. Gavin Newsom and Democratic leaders in the state legislature announced a deal on early action to shrink California's budget shortfall by $17 billion. Listen to @akoseff on @CapRadioInsight explain the “early action plan” to tackle this deficit. https://t.co/4VlVpTxQpn
An interesting start to the CA Assembly’s Budget hearing on the Dem agreement to put a $17B dent in state’s deficit. Very brief opening remarks from Newsom’s Dept. of Finance, DOF unable to answer first question on the ultimate cost to taxpayers by borrowing $1.4B for this.
Newsom, Democratic Lawmakers Agree on Plan to Cut California’s Budget by $17 Billion #California https://t.co/6XGOhsF95K