CalMatters: California politicians deciding state budget without knowing the full picture ...Middle East

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CalMatters: California politicians deciding state budget without knowing the full picture
Gov. Gavin Newsom and legislative leaders are flying blind as they attempt to fashion a new state budget for the fiscal year that begins July 1. They know the state faces a multi-billion-dollar deficit that the budget will attempt to close – at least on paper – but they really don’t know how big it could be because they don’t really know how much revenue the state’s tax system will generate. Not only have revenues stagnated over the last year, thanks to gyrations in the stock market and the larger economy, but the unprecedented six-month delay in the deadline for filing federal and state income tax returns creates even more uncertainty about how much money politicians have to spend. Newsom p

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