California went from $97.5 billion budget surplus to $31.5 billion deficit in a year.
Gov. Gavin Newsom, who a year ago was extolling an unprecedented $97.5 billion budget surplus, said Friday that California must close a projected deficit that has grown since January to $31.5 billion, about 10% of his proposed $306.5 billion spending plan.
“We don’t get ahead of our skis,” Newsom said. “This was not an easy budget. We try to do the best to hold the line, take care of the needy. You don’t have to be profligate to be progressive.” “Today’s massive $32 billion budget deficit should be a wakeup call to all Democrats that after years of increased spending, they should have better results to point to than an outrageous cost of living, surging crime, rampant homelessness, a fentanyl crisis, failing schools and inadequate water storage,” Patterson said.
The budget even included increases in some areas, including flood control. After soaking storms this winter that ended California’s drought and filled reservoirs, flood risk remains high in the Southern San Joaquin Valley and Tulare Basin between Fresno and Bakersfield as the massive Sierra Nevada snowpack melts.
Newsom’s budget $306.5 billion budget includes $224.1 billion for the general fund that pays for most state programs and operations. Add to that the combination of high inflation more restrictive monetary policy by the Federal Reserve, and that turned into a projected shortfall of $22.5 billion in January that has since swelled to $31.5 billion.
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