California's budget deficit sits at $32 billion, which is roughly $10 billion more than Democratic Gov. Gavin Newsom forecast earlier this year.
announced Friday that the Golden State’s budget deficit is $10 billion higher than he predicted earlier this year.
Newsom said during a press conference that California’s budget deficit has grown to nearly $32 billion, which is about $10 billion more than he anticipated in January when he offered his first budget proposal. "We have a $31.5 billion challenge, which is well within the margin of expectation and well within our capacity to address," Newsom said.
California, which has the largest budget in the nation at $306 billion, is one of the few states to have a shortfall this year. Some say it is due in part to a progressive tax code that relies on wealthy taxpayers whose income is closely tied to the
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