Whether the Legislature can resist pressure from advocates for the programs Newsom would cut remains to be seen.
California Gov. Gavin Newsom unveils his revised 2024-25 state budget during a news conference in Sacramento, Calif., Friday, May 10, 2024. When Gov. Gavin Newsom proposed a 2024-25 state budget in January, he declared that the state faced a $38 billion deficit and chided journalists for citing wider projections in the gap between income and outgo from the Legislature’s budget analyst.
Newsom, indirectly agreeing with Petek’s gloomy revenue picture, blamed “massive volatility” in the state’s revenue system, particularly difficulty in projecting income taxes on capital gains, for the wide fluctuations in revenue estimates and reality. Over four years, he noted, revenues have fallen $165 billion short of estimates.
The peaks have increased. Just two years ago, Newsom boasted of a $97.5 billion budget surplus. “No other state in American history has ever experienced a surplus as large as this,” he said as he unveiled a $300-plus billion budget that the Legislature eagerly adopted with a few tweaks. Gov. Arnold Schwarzenegger and the Legislature appointed a blue-ribbon commission to study revenue volatility and recommend systemic changes. The commission was sharply divided but issued a report proposing fundamental changes, but it was quickly filed away and ignored.
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