SACRAMENTO, Calif. (Reuters) – California Governor Gavin Newsom on Thursday slashed his proposed budget for the next fiscal year by $19 billion, bringing spending below 2019 levels as COVID-19 related economic woes thrash his state’s economy, the world’s fifth-largest.
The proposal, which must be approved by the state legislature, is meant to help close a $54 billion gap in spending over two fiscal years – the current year as well as one beginning July 1.
(Reporting by Sharon Bernstein)
