By Los Angeles Times
Taryn Luna, Mackenzie Mays and Laurel Rosenhall, Los Angeles Times
Facing a projected $22.5 billion budget deficit in the upcoming fiscal year, Gov. Gavin Newsom on Tuesday announced plans to reduce investments in the state’s move to zero-emission vehicles, make cuts to other climate change programs and delay funding for 20,000 new child-care slots as California transitions from a time of economic surplus to shortage.
The governor’s administration blamed high inflation, the Federal Reserve raising interest rates and volatility in the stock market as the major forces causing state revenues to drop well below projections from last summer when he anticipated an $100 billion surplus in the current budget year.