California Faces $22-Billion Budget Shortfall ...Middle East

Sacramento, CA — Governor Gavin Newsom presented a new budget proposal for the upcoming fiscal year, taking into account a projected $22.5-billion deficit. It is a sharp turn from a year ago when California had a $98-billion budget surplus. Newsom said the main factor in the shortfall is declining capital gains due to an economic downturn. He noted that thankfully the reserve fund has been boosted in recent years because of efforts started by former Governor Jerry Brown, and it currently sits at $35-billion. To offset the shortfall, Newsom is proposing that funding be delayed to some areas like transportation and climate initiatives (in hopes that revenue comes back better than expected or f

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