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Newsom Proposes $322 Billion Budget Amid Future Deficit

1/7/2025

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Summary

Story summary

California Governor Gavin Newsom proposed a $322.2 billion budget for 2025-26, showcasing a modest surplus and rising tax revenues.
He intends to utilize $7.1 billion from rainy day reserves, despite forecasting a $20 billion deficit by 2026-27.
The California Jobs First Economic Blueprint seeks to boost sustainable growth and job creation in ten key sectors, backed by a $120 million funding initiative.

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Story summary

California Governor Gavin Newsom proposed a $322.2 billion budget for 2025-26, showcasing a modest surplus and rising tax revenues.
He intends to utilize $7.1 billion from rainy day reserves, despite forecasting a $20 billion deficit by 2026-27.
The California Jobs First Economic Blueprint seeks to boost sustainable growth and job creation in ten key sectors, backed by a $120 million funding initiative.