Opinion: California politicians deciding state budget without knowing the full picture
They know the state faces a multi-billion-dollar deficit that the budget will attempt to close – at least on paper – but they really don’t know how big it could be because they don’t really know how much revenue the state’s tax system will generate.
This week, legislative leaders published their joint version of the budget, planning to pass it on Thursday to meet the constitutional deadline. It uses Newsom’s more optimistic revenue projection, rather than Petek’s, and would boost spending from $306.5 billion in Newsom’s budget to $311.7 billion.
There are some genuine differences to be resolved, along with the macro issue of potentially chronic deficits in the remainder of Newsom’s second and last term as governor.
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