By Sophia Bollog | SF Chronicle
TURLOCK — California likely will not have a budget deficit next year, but incoming President Donald Trump’s agenda portends an uncertain road ahead for California’s budget, Gov. Gavin Newsom announced on Monday.
The budget outlook Newsom describes is a major turnaround from the $47 billion deficit last year and the $32 billion shortfall the year before. Newsom and the nonpartisan Legislative Analyst’s Office, which makes budget projections for the Legislature, both attribute the improvement to stock market gains by the state’s wealthiest taxpayers and cuts in previous years.
But, Newsom cautioned, the steep cuts to federal government spending that Trump has promised could darken the bright picture he painted of California’s economy. Newsom said the incoming president could impact California’s budget depending on how his trade, tariff and immigration policies play out. That happened last time Trump was in office, Newsom said.
Read more at: SF Chronicle
1 Comment
Oh my apparently Santa Delivered a big bag of money to Governor Gavin’s office.
Shall we review a few concepts….residents are leaving due to California property / death taxes and inflation, Businesses are relocating due to California minimum wage increases and California business taxes, the homeless population is increasing, drought has taken a toll on the agricultural industry and the Gavin water diversion….well it seems the whole planet knows about those issues since the “wildfires”…..
That California went from a serious defeceit meaning big bills unpayable to having a treasure chest of money overflowing seems more like another fairytale of Gavin’s imagination….what seems more likely is additional taxes will be passed to fill in for all the spending to create a happy face image for the olympics.