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Republican leaders in Sacramento put the blame for the deficit squarely on Newsom and his fellow Democrats. Newsom’s revised budget proposal recoups $200 million in unallocated gas refunds to help balance the budget. The governor and lawmakers provided $9.2 billion in gas rebates to 32 million Californians since approving the payments in a budget deal last June. Newsom has repeatedly emphasized his decision to restrict most new spending to one-time funds, a strategy that avoids creating new, permanent demands on the state budget if revenue drops.īut even temporary programs can be costly. “They go surging up and then go collapsing back.” “If capital markets went up at a nice, even pace on a year-to-year basis, this wouldn’t happen, but they don’t,” Thornberg said. And what goes up must come down, he said. Federal COVID-19 stimulus funding artificially boosted state income taxes higher than ever before, resulting in the record surplus. The state budget is highly dependent on income taxes paid by its highest earners and is therefore subject to the ebbs and flows of capital gains from investments, bonuses to executives and tax windfalls from new stock offerings.Ĭhris Thornberg, an economist and founder of Beacon Economics in Los Angeles, said the shortfall was predictable and of politicians’ own making. How did the state swing so drastically from having too much money to too little? “This was not an easy budget, but I hope you see we tried to do our best to hold the line and take care of the most vulnerable, most needy, but still maintain prudence,” Newsom said. The shortfall projections indicate that the abundance of Newsom’s first term is over, and the need to downshift in his second term could have implications for Democrats in the state Legislature and his own political legacy.

With tax collection expected to fall short of the money allocated for programs essential to millions of Californians, Newsom is taking a more conservative spending approach while trying to protect his marquee programs. The governor’s $306.5-billion budget plan, which he detailed Friday when announcing his revised spending proposal, relies on money raised from bonds, taps into $450 million from the state’s safety-net reserve and renews a tax on managed care programs to support Medi-Cal while continuing plans to curtail increases for climate and transportation programs. Gavin Newsom to begin reining in his progressive policy agenda, in a stark change from the surpluses that graced his first years in office. California’s estimated $31.5-billion budget deficit is forcing Gov.

Instal the new version for android Psiphon VPN 3.179 (07.07.2023)