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Newsom wisely channels Jerry Brown on state budget – Pacific Research Institute

Newsom wisely channels Jerry Brown on state budget

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Gov. Gavin Newsom’s just released “May Revise” budget plan is generating criticism from a surprising source — legislative progressives.

The Newsom administration projects that the shortfall has grown by $9.3 billion to $31.5 billion. Adding to the problem, California can’t count on a federal bailout and the national economy is teetering on a recession.

In rolling out his plan, Newsom spoke of “the foundation that we have established in terms of fiscal discipline, in terms of setting aside resources (and) recognizing the volatility of our tax structure.”

To help balance the budget, Newsom proposes $6.7 billion in spending cuts and pullbacks, $3.9 billion in trigger cuts if revenue doesn’t materialize, $8.1 billion in spending delays, and $7.5 billion in fund shifts.

In contrast, Senate Democrats — promising to “protect our progress” — propose an old-fashioned tax and spend budget. They reject Newsom’s cuts in lieu of creating a $10 billion housing and infrastructure fund and enacting a massive $7.2 billion tax hike on employers.

Click to read the full article in Bakersfield Californian.

Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.

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