Gov. Newsom Signs “More Fiscally Responsible” California Budget Amid Deficit Challenges
Sacramento, California
Governor Gavin Newsom has made a significant stride towards dealing with the state’s $47 billion deficit by sanctioning California’s 2024 budget. The new budget, signed on Saturday, intends to be “more fiscally responsible,” with about $16 billion in spending cuts implemented for the 2024 financial plan, as per the agreement’s fact sheet.
Sound and Balanced Plan
Governor Newsom, in his statement, highlighted this as a responsible budget that meticulously prepares for the future while making significant amendments in the foundational programs that impact millions of Californians every day. He further said, “Thanks to careful stewardship of the budget over the past few years, we’re able to meet this moment while protecting our progress on housing, homelessness, education, health care and other priorities that matter deeply to Californians.”
The Governor expressed gratitude to the Legislature for their cooperation in delivering a sound and balanced plan, which avoids deep program cuts while maintaining the budget for education and Medi-Cal expansion.
New Spending Agreement
The $298 billion spending agreement was ratified by the State Legislature on Wednesday in a series of bills and subsequently signed by Governor Newsom on Saturday. It encapsulates various agenda of state Democrats, including support services for the unhoused and immigrants lacking permanent legal status.
“Rainy Day Fund” Utilization
A notable aspect of the budget underscores the use of the state’s reserve “rainy day fund” over the ensuing two fiscal years. This includes $5.1 billion in 2024-25 and $7.1 billion in 2025-26. This decision falls in line with the state’s attempts to navigate the economic upheaval presented by the substantial deficit and ensure the continued welfare of its residents.
Conclusion
The budget signing marks a pivotal moment for California as the state grapples with an unprecedented financial deficit. With the cuts and reserve fund reallocation, the state moves forward towards a more sustainable and economically sound future, committing to critical services for Californians whilst simultaneously striving to balance the budget.
Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
