Newsom Will Release New Budget Plan Today
Sacramento, CA — Facing a $54-billion shortfall, Governor Gavin Newsom will release a proposed roadmap to close the budget deficit.
Months ago, California was projecting a roughly $20-billion surplus, but revenues have plummeted as businesses were forced to close during the coronavirus pandemic. Over 4.5-million Californians have filed for unemployment since mid-March. State lawmakers must pass a balanced budget by June 15 or forfeit their paychecks. Lawmakers, however, can amend the plan after that date.
In January, Newsom was proposing a $222-billion budget, including the expansion of various health programs.
We reported earlier that Western States are requesting the federal government to approve a $1-billion bailout for states and municipalities impacted by the pandemic.
The budget is scheduled to be unveiled at noon.
