California's Budget Deficit Soars to $32 Billion, Transit Funding at Risk
TL;DR Summary
California Governor Gavin Newsom projects a budget deficit of $32 billion for the upcoming fiscal year, $9.3 billion more than his January estimate, due to the waning fortunes of the state's wealthiest residents and ongoing struggles with tech layoffs and banking turmoil. This marks the first time since Newsom took office in 2019 that the state's budget will swing into deficit.
- California's Newsom Sees Budget Deficit Deepening to $32 Billion Bloomberg
- Gov. Newsom says state's budget deficit has grown to nearly $32 billion KTVU FOX 2 San Francisco
- Gov. Newsom announces $32 billion budget deficit, $10 billion more than previously estimated Fox News
- Newsom Proposes Cutting Transit Funding as Systems Beg for Cash Bloomberg
- California faces $31.5B budget shortfall KCRA 3
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