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California Gov. Gavin Newsom announces the May budget revision in Sacramento on May 12, 2023. Newsom said the state's budget deficit has grown to nearly $32 billion, about $10 billion more than predicted in January when the governor offered his first budget proposal. Hector Amezcua/The Sacramento Bee via AP
California Gov. Gavin Newsom announced proposed revisions to the state’s 2023–24 fiscal budget on May 12 during a press conference at the state Capitol, with an additional $9 billion deficit added to prior estimates.
Uncertainty was a key talking point during the governor’s remarks, with inflation, rising interest rates, financial market jitters, and delayed tax payments this year due to winter storms.
Travis Gillmore is a White House reporter for The Epoch Times. He previously covered the California legislature and Gov. Gavin Newsom. Contact him at [email protected]
