Commentary: California’s budget deficit is growing as its revenues fall short of expectations. The Capitol’s top Democrats disagree on what to do about it. by DanCALmatters
sector since he was elected to the legislature. That representsSpending advocates immediately issued statements of praise for the Senate’s budget framework.
“Senate Democrats’ plan acknowledges that California’s projected budget shortfall will never be solved by putting more burden on those who are struggling, but by asking California corporations to chip in more of their vast wealth – created by working people – to create a stronger economy and deliver on our state’s shared commitment to equity,” Tia Orr of the Service Employees International Union said in one of many supportive statements.
However, business groups denounced the proposed corporate tax increase. “Now is not the time to test California’s ability to withstand the impact of an economic downturn or a recession by placing our economic success at risk,” said Jennifer Barrera, president of the California Chamber of Commerce.. “Governor Newsom cannot support the new tax increases and massive ongoing spending proposed by the Senate today,” spokesperson Anthony York said in a statement.
Significantly, the Senate’s plan didn’t have an endorsement from Assembly leaders. In January, Assembly Speaker Anthony Rendon, a Democrat from Lakewood, said he would prefer to tap the state’s “rainy day” reserves if the deficit widened.So what’s it going to be? Deeper spending cuts? New taxes? Dipping into the reserves?
Whatever they do, Newsom and legislators will be shooting in the dark. They missed badly last year when the supposed surplus turned to dust, and the state’s fiscal picture is even cloudier this year.Want to submit a guest commentary or reaction to an article we wrote? You can find our
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