Gavin Newsom’s $203.3 billion California budget cuts school funding, spends reserves
By Sophia Bollag,
May 14, 2020 12:03 PM , Updated May 14, 2020 05:33 PM
California Governor Gavin Newsom outlined the six factors the state is looking at when determining when the coronavirus stay-at-home orders should loosen at press conference on Apr. 14, 2020. By California Governor
California Gov. Gavin Newsom’s updated $203.3 billion budget proposal would cut school funding, cancel a planned boost in public pensions spending and draw down reserves to make up for a projected $54.3 billion budget deficit brought on by the coronavirus pandemic.
The plan, unveiled Thursday, reflects a sudden recession spurred by global efforts to slow the spread of the coronavirus that causes COVID-19. In California, about 4.5 million people have filed for unemployment since mid-March, when Newsom issued a stay-at-home order that shut down much of the state’s economy.
His office projects unemployment could peak at nearly 25 percent, roughly double the peak during the Great Recession.
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