Newsom Signs California Budget Aimed at Addressing $12 Billion Deficit

California Gov. Gavin Newsom on Friday signed the state budget that is projected to close a $12 billion deficit through spending reductions on some of the state’s ongoing programs. The signing came shortly after lawmakers approved the $321 billion spending plan earlier in the day. The plan includes $5 billion in cuts and $7.1 billion in withdrawals from the state’s rainy-day reserve fund. “It’s balanced, it maintains substantial reserves, and it’s focused on supporting Californians—slashing red tape and catapulting housing and infrastructure development, preserving essential healthcare services, funds universal pre-K, and cuts taxes for veterans,” Newsom said in a statement announcing the budget....