California's Fiscal Showdown: Budget Deficit & Federal Cuts
California News Today | 2 Min News | The Daily News Now! · The Daily News Now!
Audio is streamed directly from the publisher (api.fastcast.ai) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
Californias 2022-2023 fiscal year budget faces a significant deficit, with state tax revenues running several billion dollars ahead of projections but still facing a massive gap from spending outpacing income. Governor Gavin Newsoms proposed budget starts with a $21 billion hole, aiming to shrink it to $3 billion using stopgaps and promising a full fix by May. Cities and counties are pushing back, with mayors of big towns wanting multi-year funding for homelessness aid and county leaders asking for $6.4 billion over two years to keep safety nets intact. The budget heavily relies on taxes from wealthy folks investment gains, making it vulnerable to Wall Street swings. As the budget heads to finalization in under three months, Newsom navigates deficits, federal fallout, and local demands, setting up an intense fiscal showdown.
Support the show:
Get a discount at https://solipillow.com/discount/dnn.
Advertise on DNN:
[email protected]
This is an automated, high-level news summary based on public reporting.
Report issues to [email protected].
View sources & latest updates:
https://sources.thednn.ai/476ed15977f6af8e