Latest California Budget Revision Drops $17-Billion from Deficit

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thinkstock_31617_budget

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Lawmakers are lowering California’s budget deficit by 17-billion dollars. They approved a series of spending cuts for things like vacant state jobs, school construction and welfare. The deal also delays money for public transit and rail lines and preschool and kindergarten facilities grants. Governor Newsom has estimated the budget shortfall at about 38-billion dollars but will update that number when he unveils his revised plan next month.