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Gavin Newsom Wants to Raid California’s ‘Rainy Day’ Fund to Help Fill $38 Billion Deficit

via CNBC Television
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California Gov. Gavin Newsom is proposing to use the state’s “rainy day” fund to address the $38 billion deficit, which is a significant shift from the previous $98 billion surplus.

The deficit is attributed to various factors, including increased spending on programs such as healthcare for illegal immigrants and the impact of the pandemic.

Newsom’s budget includes cuts to certain programs, while also allocating additional funds for settling migrants.

To prevent budget cuts in education, he plans to withdraw from the state’s savings, aiming to maintain current funding levels and commitments.

This approach has raised concerns about the long-term sustainability of the state’s financial situation.

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