California Gov. Gavin Newsom, in his revised state budget released Thursday, proposed a record-setting $213.5 billion spending plan for the upcoming fiscal year — that's a 2% increase over his January budget.
LOS ANGELES — California Gov. Gavin Newsom, in his revised state budget released Thursday, proposed a record-setting $213.5 billion spending plan for the upcoming fiscal year — a 2% increase over his January budget.
"What we all need to remind folks of, that we're modeling in the future prospects of a recession — a recession that's more modest than 2007, but a little bit more intense than the 2001 recession," Newsom told reporters.Specifically, Newsom said the financial markets in the past 48 to 72 hours have led to some concern about the outlook.
Newsom said the revised budget sets aside $15 billion for"building budgetary resiliency" as well as to pay down the state's unfunded liabilities, or $1.4 billion higher than was proposed in January. It includes $4.5 billion to eliminate budgetary debts and $4.8 billion to pay down unfunded retirement liabilities.
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