California has a budget deficit of $27.6 billion, Gov. Gavin Newsom announced - a gap so wide that he's proposing cutting 10,000 vacant state jobs.
California has a budget deficit of $27.6 billion, Gov. Gavin Newsom announced - a gap so wide that he's proposing cutting 10,000 vacant state jobs.California has a budget deficit of $27.6 billion, Gov. Gavin Newsom announced Friday - a gap so wide that he's proposing cutting 10,000 vacant state jobs and suspending some widely used business tax deductions.
Newsom also is proposing to cut funding for 260 different state programs. One-time cuts would include $2 billion for broadband that would have expanded broadband connections, $500 million that would have improved "water storage" in the drought-plagued state, and $272 million for employment services for the state's welfare program.
This is the second year in a row the nation's most populous state is facing a multi-billion dollar shortfall. State revenues have continued to fall amid increasing inflation and a slow-down in the state's normally robust technology industry. Through the end of April, state tax collections from its three biggest sources - personal income, corporations and sales - dropped more than $6 billion below the previous estimate.
"It's I think appropriate and prudent for us not to just solve for this year but to also solve for next year," Newsom said. "We know what we know, but we don't know what we don't know ... This is I believe why we need to have a two-year mindset going forward." "We still have a shortfall. We will manage it and we'll manage it, yes, without general tax increases," Newsom said on Wednesday during an event held by the California Chamber of Commerce. "We're not just going to try to solve for this year. I want to solve for next year. I think it's too important. We have got to be more disciplined."
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