Posted BY: | NwoReport

California Gov. Gavin Newsom announced proposed revisions to the state’s 2023–24 fiscal budget on May 12 during a press conference at the state Capitol, with an additional $9 billion deficit added to prior estimates.

Uncertainty was a key talking point during the governor’s remarks, with inflation, rising interest rates, financial market jitters, and delayed tax payments this year due to winter storms.

The prior proposed budget projected a $22.5 billion shortfall, which Newsom now projects as $31.5 billion.

“This is a $31.5 billion challenge, which is well within the margin of expectation and well within our capacity to address,” Newsom said.

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