Gavin Newsom proposes a mix of spending cuts and using reserves to balance the state budget. He says that core services will be largely untouched, but some existing programs would be affected.
California Gov. Gavin Newsom earlier this year when he announced new gun safety legislation, SB2, that he has now signed.In these challenging times, the need for reliable local reporting has never been greater. Put a value on the impact of our year-round coverage. Help us continue to highlight LA stories, hold the powerful accountable, and amplify community voices. Your support keeps our reporting free for all to use. Stand with us today.
In addition to closing the remaining $27.6 billion shortfall for 2024-25, Newsom wants to get a jump start on addressing another projected $28.4 billion deficit in 2025-26.. A downturn in the stock market in 2022 hit capital gains, while high inflation pinched the housing market and the tech industry pulled back on initial public offerings as investments dropped. Those blows have continued as wealthy taxpayers carried forward their losses.that Newsom and legislators adopted last summer.
Gov. Gavin Newsom addresses the media during a press conference unveiling his revised 2024-25 budget proposal at the Capitol Annex Swing Space in Sacramento on May 10, 2024. Photo by Fred Greaves, CalMatters Social services programs such as supplemental income for elderly and disabled Californians, welfare and the earned income tax credit will be untouched, Newsom emphasized.
“There are no new taxes. I’ve not been one of those promoting taxes,” the governor said, adding later, “No, I’m not prepared to increase taxes.” Incumbent George Gascón faces a more conservative challenger, Nathan Hochman, on the November ballot. The race could drive passions and fundraising on the part of advocates for more reforms and backers of law and order policies.Deadline Is Blown To Account For Millions OC Supervisor Sent To His Daughter’s Group. What Happens Next?
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