{"id":1930226,"date":"2023-05-13T06:26:20","date_gmt":"2023-05-13T10:26:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gavin-newsoms-revised-budget-will-make-californias-budget-deficit-worse-even-as-state-mulls-enormous-reparations-package\/"},"modified":"2023-05-13T06:30:23","modified_gmt":"2023-05-13T10:30:23","slug":"gavin-newsoms-revised-budget-will-make-californias-budget-deficit-worse-even-as-state-mulls-enormous-reparations-package","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gavin-newsoms-revised-budget-will-make-californias-budget-deficit-worse-even-as-state-mulls-enormous-reparations-package\/","title":{"rendered":"Newsom&#8217;s new budget will worsen California&#8217;s deficit, while the state considers a large reparations package."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgavin-newsoms-revised-budget-will-make-californias-budget-deficit-worse-even-as-state-mulls-enormous-reparations-package%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1930226&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>California Faces $31.5 Billion Deficit, Despite Reparations Plan<\/h2>\n<h3>Governor Gavin Newsom Announces Worsening Budget Shortfall<\/h3>\n<p>California Governor Gavin Newsom announced on Friday that the state is facing a greater-than-anticipated budget deficit. In a press conference, Newsom revealed that his budget proposal for the upcoming year had ballooned from $297 billion in January to $306.5 billion, resulting in a potential deficit of roughly $31.5 billion dollars. This is a $9 billion increase from the $22.5 billion deficit in the budget he proposed in January. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gavin-newsoms-revised-budget-will-make-californias-budget-deficit-worse-even-as-state-mulls-enormous-reparations-package\/\" title=\"Newsom's new budget will worsen California's deficit, while the state considers a large reparations package.\">worsening budget shortfall<\/a> comes even as the state proposes a gigantic reparations plan that dwarfs the state budget.<\/p>\n<p>\u201cThis was not an easy budget, but I hope you see we tried to do our best to hold the line and take care of the most vulnerable, most needy, but still maintain prudence,\u201d Newsom said during the press conference. \u201cI have been very mindful of how concerned people have been about the impact on these fundamental core issues: education, homeless housing, healthcare, mental health, climate policy, public safety, broadly, and of course the issues of economic development, jobs, workforce development.\u201d<\/p>\n<h3>Newsom Plans Cuts and Offsets to Mitigate Borrowing<\/h3>\n<p>Newsom has planned a series of cuts and offset spending in an effort to mitigate the state\u2019s need to borrow. The revised budget pares back an additional $1.1 billion in spending, on top of the $5.7 billion in \u201creductions\u201d to key pillars of his agenda. However, much of the \u201creductions\u201d are rollbacks of planned increases, not actually cutting spending below current levels. Furthermore, part of the additional $1.1 billion paring comes from moving unused monies into the state\u2019s general fund.<\/p>\n<p>In addition to rolling back spending increases, the budget proposal plans to add $7.4 billion in deferred spending for child care, transportation, and education. It also delays some $695 million in spending until later years. The plan also includes $3.9 billion in \u201ctrigger reductions,\u201d temporary cuts he can re-instate if California\u2019s fiscal state improves later.<\/p>\n<p>The budget closes the remaining gaps with $4.9 billion in borrowing and new revenue, $7.5 billion from shifting funds around, and $450 million from the state\u2019s safety net reserves, leaving $450 million remaining. Newsom plans to add to the reserves to hedge against a future recession, which is part of why the budget increased despite an increasing deficit.<\/p>\n<h3>Reparations Plan Could Double California\u2019s Annual Budget<\/h3>\n<p>Even as Newsom plans to use financial gimmicks and moving money around in order to make his state\u2019s ends meet, California\u2019s Reparations Task Force proposed its plan to repay residents who were descended from slaves or victims of discrimination. The nine-member panel advanced the plan recommendations in Oakland, California. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-reparations-task-force-approves-plan-giving-up-to-1-2-million-to-each-black-resident\/\" title=\"Calif. Reparations Task Force OKs .2M for Each Black Resident.\">draft includes calculated dollar figures based<\/a> on categories ranging from mass incarceration to housing discrimination, and other alleged injustices.<\/p>\n<p>Based on a New York Times analysis, a black person living in California for 71 years \u2014 the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/2021-on-track-to-surpass-2020-as-nations-deadliest-year\/\" title=\"2021 on Track to Surpass 2020 as Nation\u2019s Deadliest Year\">average life expectancy<\/a> of Black residents in California in 2021 \u2014 could receive up to $1.2 million. Some economists projected to The Associated Press that California could owe more than $800 billion in reparations, which more than doubles the state\u2019s annual budget.<\/p>\n<p>Newsom himself lauded\u00a0the principle of the committee, but did not endorse the proposed payouts.<\/p>\n<p>Brandon Drey contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California Governor Gavin Newsom announced Friday that his state is already experiencing a greater-than-anticipated budget deficit. In a press conference Friday, Newsom said that his budget proposal for the upcoming year had ballooned from $297 billion in January to $306.5 billion. As such, California is now facing a potential deficit of roughly $31.5 billion dollars<\/p>\n","protected":false},"author":189,"featured_media":1930227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[4463,4036,5020,9647,4883,3632,9128,17964],"class_list":["post-1930226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-budget","tag-californias","tag-considers","tag-deficit","tag-newsoms","tag-package","tag-reparations","tag-worsen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/189"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1930226"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1930227"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1930226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1930226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1930226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}