State lawmakers agree on $300B budget deal with across the board department cuts

Gov. Gavin Newsom and legislative leaders have reached a nearly $300 billion budget agreement that closes a $46.8 billion deficit that was projected for the coming fiscal year with across-the-board cuts of nearly 8 percent to every department. 

The $297.5 billion budget is proposed for both the 2024-25 fiscal year and the 2025-26 fiscal years, a maneuver the governor in May called a “budget year, plus one” proposal that he said would help bring spending in line with revenue projections over the next two years.