Newsom finally aligns with Legislature’s gloomier budget outlook, blaming ‘massive volatility’
When Gov. Gavin Newsom proposed a 2024-25 state budget in January, he declared that the state faced a $38 billion deficit and chided journalists for citing wider projections in the gap between income and outgo from the Legislature’s budget analyst.
Nevertheless, state legislative analyst Gabe Petek stuck by his guns and a month later increased his deficit estimate during a three-year “budget window” to $73 billion, citing a $24 billion shortfall in revenue estimates over the period.
On Friday...
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