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California lawmakers vote to reduce deficit by $17 billion, but harder choices lie ahead

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California News

Gavin Newsom,Government Budgets,General News

California lawmakers have voted to reduce the size of the state's deficit. The state Legislature on Thursday approved legislation that takes a number of steps to reduce the deficit by about $17 billion. Gov. Gavin Newsom has said the deficit is about $38 billion. The nonpartisan Legislative Analyst's Office says it could be as much as $73 billion.

SACRAMENTO, Calif. — California lawmakers don’t know for sure how big their budget deficit is, but on Thursday they decided it’s big enough to go ahead and reduce spending by about $17 billion.

Since then, Newsom and his Democratic allies in the state Legislature have been doing everything they can to make that deficit smaller. Last month, theySalmon fishing is banned off the California coast for the second year in a row amid low stocksThere were no headline-grabbing cuts in the reductions lawmakers approved on Thursday.

By doing this, Democrats are betting California’s budget problems are only temporary. The state is known for wild swings in revenue, especially given its overreliance on wealthy taxpayers who make most of their money from the stock market.

 

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