Gov. Newsom announces $32 billion budget deficit, $10 billion more than previously estimated
Fox News
California's budget deficit sits at $32 billion, which is roughly $10 billion more than Democratic Gov. Gavin Newsom forecast earlier this year.
"We have a $31.5 billion challenge, which is well within the margin of expectation and well within our capacity to address," Newsom said. Andrew Mark Miller is a writer at Fox News. Find him on Twitter @andymarkmiller and email tips to AndrewMark.Miller@Fox.com.
California, which has the largest budget in the nation at $306 billion, is one of the few states to have a shortfall this year. Some say it is due in part to a progressive tax code that relies on wealthy taxpayers whose income is closely tied to the performance of the stock market.
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