Gov. Gavin News presents his budget plan in Sacramento on Wednesday. Courtesy of the governor’s office Gov. Gavin Newsom on Wednesday predicted California would face a budget deficit of $37.9 billion in the fiscal year starting July 1, and outlined plans to use reserves and cut spending to make up the shortfall. Newsom’s deficit figure is considerably less that the $68 billion projected by the nonpartisan Legislative Analyst’s Office in December. However, Newsom said continued strength in California’s economy and a recent rise in the stock market made officials “less pessimistic” about future tax revenue. “Thanks to the record reserves we have built up and a commitment to fiscal di
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