Gov. Gavin Newsom (D-CA) is narrowing down his top spending priorities as California Democrats gear up to try to persuade voters to approve a $26 billion borrowing spree despite a looming budget deficit.
Newsom will have to rely on shifting funding sources and internal borrowing as California is expected to be hit with a $31.5 billion budget deficit, up $9 billion since it was originally estimated in January. However, Newsom is at a crossroads with the bond requests, particularly looking ahead to 2024. The governor must juggle several bond requests from Democratic lawmakers on everything from mental health to affordable housing.
Under Newsom's proposal, the act would earmark $1 billion in revenue from the tax for housing and residential services each year. Newsom said in March that the initial act did not account for California's housing shortage or how drug addiction can play a role in homelessness and mental health. Another lawmaker, Democratic state Sen. Anthony Portantino, is seeking a $25 billion mortgage and construction bond that seeks to make homeownership attainable for low- and middle-income Californians.
Democratic Assemblymember Eduardo Garcia and Democratic state Sen. Ben Allen have both proposed bills with a total cost of $15 billion to $16 billion to address the state's resiliency to climate change, targeting areas such as water supplies, clean energy, and flood prevention. Both call for projects to thin forests to prevent wildfires and plant trees in cities to help with extreme heat, as well.
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