SACRAMENTO, Calif. (AP) California's budget deficit has grown to nearly $32 billion, Gov. Gavin Newsom announced Friday, saying the state's challenges are
Gov. Gavin Newsom on Friday is expected to announce an even bigger budget deficit than the $22.5 billion hole that he confronted in January, reflecting an economy burdened by a sagging stock market and disrupted by a series of powerful winter storms that delayed billions of dollars in tax payments.
California is one of the only states to have a shortfall this year, mostly because its progressive tax code relies on wealthy taxpayers whose income is closely tied to the performance of the stock market.