Gov. Newsom on Tuesday proposed a roughly $297 billion state budget plan for the 2023-24 fiscal year. In contrast to last year’s nearly $100 billion surplus, the administration projects $29.5 billion in lower than estimated revenues and a $22.5 billion shortfall.
The Newsom spending plan does some good things – including paying down public pension debt, making $5.7 billion in cuts and $3.9 billion in trigger cuts if revenue doesn’t materialize, and suspending new ongoing spending. Unfortunately, it avoids some of the tough budget choices these uncertain economic times requires to get our fiscal challenges under control and prevent painful future cuts.
As the budget debate officially kicks off at the State Capitol, here are three key priorities policymakers should embrace in crafting a final state spending plan:
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.
On brink of recession, Newsom and lawmakers must budget cautiously
Wayne Winegarden
Gov. Newsom on Tuesday proposed a roughly $297 billion state budget plan for the 2023-24 fiscal year. In contrast to last year’s nearly $100 billion surplus, the administration projects $29.5 billion in lower than estimated revenues and a $22.5 billion shortfall.
The Newsom spending plan does some good things – including paying down public pension debt, making $5.7 billion in cuts and $3.9 billion in trigger cuts if revenue doesn’t materialize, and suspending new ongoing spending. Unfortunately, it avoids some of the tough budget choices these uncertain economic times requires to get our fiscal challenges under control and prevent painful future cuts.
As the budget debate officially kicks off at the State Capitol, here are three key priorities policymakers should embrace in crafting a final state spending plan:
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.