California Gov. Gavin Newsom has proposed a series of painful budget cuts to close the state's growing deficit. Newsom said Friday the state's deficit is $27.6 billion.
This is what happens when you chase off the people paying taxes
Gavin Newsom on Friday to propose painful spending cuts impacting immigrants, kindergarteners and low-income parents seeking child care in a state often lauded for having the world’s fifth-largest economy.
The size of the deficit is important as it will shape the national perspectives of Newsom, who is a top surrogate for President Joe Biden’s reelection campaign and who is widely believed to harbor presidential aspirations of his own.
While he hasn’t pulled back the state’s commitment to expanded kindergarten, he proposed eliminating $550 million that would have helped school districts build the facilities they need to teach all of those extra students.
And it’s because the stock market had historic increases, fueling a rapid expansion of wealth among California’s richest residents — generating a tax windfall for the state.
“If you knew that those were unrealistically high and totally unsustainable revenue levels, why wouldn’t you put a little bit more in the reserves,” said state Sen. Roger Niello, a Republican and vice chair of the Senate Budget and Fiscal Review Committee.
Democratic legislators applauded Newsom’s effort to deal with multiple years of deficits and vowed to protect spending for social safety net fundings and classrooms.
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This is the best summary I could come up with:
Gavin Newsom on Friday to propose painful spending cuts impacting immigrants, kindergarteners and low-income parents seeking child care in a state often lauded for having the world’s fifth-largest economy.
The size of the deficit is important as it will shape the national perspectives of Newsom, who is a top surrogate for President Joe Biden’s reelection campaign and who is widely believed to harbor presidential aspirations of his own.
While he hasn’t pulled back the state’s commitment to expanded kindergarten, he proposed eliminating $550 million that would have helped school districts build the facilities they need to teach all of those extra students.
And it’s because the stock market had historic increases, fueling a rapid expansion of wealth among California’s richest residents — generating a tax windfall for the state.
“If you knew that those were unrealistically high and totally unsustainable revenue levels, why wouldn’t you put a little bit more in the reserves,” said state Sen. Roger Niello, a Republican and vice chair of the Senate Budget and Fiscal Review Committee.
Democratic legislators applauded Newsom’s effort to deal with multiple years of deficits and vowed to protect spending for social safety net fundings and classrooms.
The original article contains 906 words, the summary contains 195 words. Saved 78%. I’m a bot and I’m open source!