{"id":1930759,"date":"2023-05-14T10:28:39","date_gmt":"2023-05-14T14:28:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-gov-newsom-turns-100-billion-surplus-into-32-billion-deficit\/"},"modified":"2023-05-14T10:28:39","modified_gmt":"2023-05-14T14:28:39","slug":"california-gov-newsom-turns-100-billion-surplus-into-32-billion-deficit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-gov-newsom-turns-100-billion-surplus-into-32-billion-deficit\/","title":{"rendered":"California Gov. Newsom Turns $100 Billion Surplus Into $32 Billion Deficit"},"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\">22<\/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%2Fcalifornia-gov-newsom-turns-100-billion-surplus-into-32-billion-deficit%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=1930759&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--><p> \t\t\t\tCalifornia Governor Gavin Newsom (D)\u00a0 announced a revised budget plan to address the state\u2019s $32 billion deficit.<\/p>\n<p> Since January, the state\u2019s deficit has grown by $10 billion, as reported by the AP. While the state\u2019s budget is balanced this year, in the coming years the state is committed to spending more money than it will receive from taxpayers.\u00a0<\/p>\n<p> In the current tax system, the state receives 50 % of its taxpayer dollars from 1% of the population. When the economy and stock market are doing well, the state will receive more in taxes, but when the economy is on the brink of a recession, the wealthy will pay less in taxes.\u00a0\u00a0\u00a0<\/p>\n<p>   The press release states:<\/p>\n<p> While the May Revision does not forecast a recession, it recognizes increased risks to the budget since January that could significantly change the state\u2019s fiscal trajectory in the near term. Taking this into account, the plan reflects $37.2 billion in total budgetary reserves, including $22.3 billion in the Budget Stabilization Account.<\/p>\n<p> \u201cThis was not an easy budget, but I hope you see we will try to do our best to hold the line and take care of the most vulnerable and most needy, but still maintain prudence,\u201d Newsom said.<\/p>\n<p> Fox News reports that Gov. Newsom\u2019s latest proposal calls for a spending reduction of $1 billion, and the rest of the deficit he is covering by taking money from the state\u2019s safety net reserve and borrowing.<\/p>\n<p>SUBSCRIBEBy subscribing, you agree to our terms of use &#038; privacy policy.  You will receive email marketing messages from Breitbart News Network to the email you provide. You may unsubscribe at any time.<\/p>\n<p>   While Gov. Newsom said he was able to protect key issues that matter most to Californians, Assembly Republican Leader James Gallagher said\u00a0 Newsom\u2019s revised budget proposal cuts critical programs while continuing to fund money to failed projects like High Speed Rail.<\/p>\n<p> \u201cOnly Gavin Newsom could turn a $100 billion surplus into a $31 billion deficit in less than a year,\u201d Gallagher said in a press release. \u201cHis approach to closing this budget gap is more of the same. His cuts to drought programs are dangerous, his \u201cfiscal gimmicks\u201d are shortsighted, and his words about good government and efficiency are yet another empty promise. Californians deserve better.\u00a0<\/p>\n<p> Newsom\u2019s revised budget comes just a week after Breitbart reported that a California\u2019s task force on reparations would cost the $800 billion \u2014 more than twice the cost of the state\u2019s budget.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California Governor Gavin Newsom (D)\u00a0 announced a revised budget plan to address the state\u2019s $32 billion deficit. Since January, the state\u2019s deficit has grown by $10 billion, as reported by the AP. While the state\u2019s budget is balanced this year, in the coming years the state is committed to spending more money than it will<\/p>\n","protected":false},"author":1,"featured_media":1930760,"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":[547],"tags":[20162,5696,4045,9647,8338,3678,8111],"class_list":["post-1930759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-20162","tag-5696","tag-california","tag-deficit","tag-gov","tag-newsom","tag-surplus"],"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\/1930759","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1930759"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1930760"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1930759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1930759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1930759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}