Gavin Newsom's spending could put California in budget hell

Gavin Newsom's spending could put California in budget hell

A new report by California budget hawks is projecting structural budget deficits as high as $30 billion, which may change the math on Gov. Gavin Newsom’s expected run for president.

Legislators agree on $46.8B budget

California lawmakers approved a $46.8 billion budget Wednesday to address the state’s deficit through spending cuts and temporary tax hikes on businesses, Governor Gavin Newsom signed the plan Saturday. Officials said the budget closes the shortfall with $16 billion in cuts and a three-year tax increase targeting companies with at least $1 million in revenue, generating over $5 billion next year. Governor Gavin Newsom and legislative leaders rea…