Gov. Gavin Newsom and Democrats in the California Legislature reached a deal to solve the state budget deficit for the 2024-2025 fiscal year.
Gov. Gavin Newsom and Democratic lawmakers struck a deal Saturday to make $16 billion in cuts, declare a statewide fiscal emergency and pull money from the state’s rainy-day reserves to balance a $46.8 billion budget deficit in California. The agreement for a $297.
The question of how to use the proceeds of a tax on managed care organizations, known as the MCO tax, turned out to be the most difficult to answer in budget negotiations. So challenging, in fact, that talks fizzled out and Newsom threatened to oppose a ballot measure backed by some of his closest allies.
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